An authority to charge a transaction to a credit or charge card at regular intervals (typically monthly), granted by the cardholder to a merchant, retailer or other service provider. The term 'recurring transaction' may apply equally to one of the transactions or to the authority under which these are charged. Also sometimes known as a Continuous Authority Transaction.
A message generated by a terminal requiring merchants to make a manual authorisation call to the cardholder’s issuer.
See card-not-present and card-remotely-present.
Enables the merchant to enter a gratuity after a transaction has been completed at the terminal.
A plastic payment card issued by a specific retailer or group of retailers for limited use at their own outlets. This is also known as a store card.
This is the portion of credit card spending that goes unpaid at the end of a billing cycle. The amount can vary, going up or down depending on the amount borrowed and the amount repaid. When the balance is paid off, the customer is no longer has revolving debt.
RFI (Request for further information)
A request by either the card issuer or cardholder wishing to obtain further information about a particular transaction.
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