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Glossary

PAN (Primary account number)
The cardholder number, usually a sixteen digit sequence, embossed on a card and encoded on the card’s magnetic stripe and held within the chip.
Payment card
A generic term for any plastic card (such as credit, debit and charge cards) used to pay for goods and services.
PED (PIN Entry Device)
The machine merchants have where you enter your PIN to complete a transaction in a shop or store.
Phishing
The name given to the practice of sending emails at random purporting to come from a genuine company operating on the Internet, in an attempt to trick customers of that company into disclosing information at a bogus website operated by fraudsters.
PIN (Personal identification number)
A set of characters, usually a four-digit sequence, used by cardholders to verify their identity at a point-of-sale or at a customer-activated device such as a cash machine. The number is generated by the card issuer when the card is first issued and may be changed by the cardholder thereafter.
PIN Pad
The numeric pad into which cardholders enters their PIN to authorise a transaction.
PKE (PAN key entry)
A service which may be provided at a merchant terminal where a card’s details are keyed into the terminal instead of the terminal reading the card’s magnetic stripe. See also Fall-back and Liability shift.
Platinum card
see Premier card.
Polling
The collection of data stored in a terminal by a central computer or polling service.
POS (Point of sale)
A physical location where a customer makes a purchase.
POS (Point-of-sale)
A physical location where a customer makes a purchase.
POS terminal
An electronic device used to process card payments at point-of-sale.
POS transaction
A transaction taking place at point-of-sale.
PPI (Payment protection insurance)
An insurance premium, based on the outstanding balance on a credit card, that provides a cardholder with protection in the event of illness, disability or unemployment. Cardholders should always check that this sort of product is appropriate to their personal circumstances.
Pre-authorisation
Allows the cardholder/merchant to obtain advance approval or verification that sufficient funds are available to make a subsequent purchase using a payment card.
Premier card
A credit or charge card, usually with a higher credit limit than a standard or classic card, and sometimes providing a wider range of benefits such as travel insurance. Includes gold, platinum and black cards.
Prepaid Card
A stored-value card used to pay for goods and services, mainly as an alternative to cash or travellers’ cheques. These cards may be either open loop or closed loop. Prepaid cards may be disposable after the stored value is exhausted or reloaded.
Pre-paid card
A stored-value card used to pay for goods and services, mainly as an alternative to cash.
Promotional rate
The promotional rate is the annual percentage rate charged by the credit card issuer during an initial period. When the promotional period ends, the APR goes to a higher rate.
PSP (Payment service provider)
An organisation that provides a secure payment page for a merchant’s customers to enter their card details and which passes these on to the merchant’s acquirer for processing. The PSP may also offer a 3D Secure service such as MasterCard’s SecureCode or Visa’s Verified by Visa.
Purchasing card
A payment card issued to businesses, companies or government departments to make supplier and/or trade payments. Also known as a procurement card.
PWCB (Purchase with cashback)
An optional transaction type where merchants may allow cardholders who are using their cards to purchase goods or services to obtain cash up to a limit agreed with their acquirer.
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