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Glossary

Terminal
A terminal is a device that a merchant uses to place a cardholder’s card into and transmit its details, including any PIN authentication, to an acquirer for authorisation and receive the acquirer’s reply.
Token Based Authentication
Allows cardholders to connect remotely to services by authenticating their identity through the use of a password that is not transmitted between the two parties. Often a password is generated by a device issued by the service provider, eg, a bank or card issuer, to the customer or cardholder, and when prompted the password is entered by the customer and is recognised by the service provider.
Transaction
Any agreement between two or more parties that establishes a legal obligation, and the act of carrying out such an obligation. Also, any action between a cardholder and a merchant or a cardholder and a credit card company that results in activity on the cardholder’s account.
Trustee
In bankruptcy, a trustee is a person appointed by a bankruptcy court to supervise the affairs of person in bankruptcy, determine both assets and debts, gather and manage the assets if necessary, and report to the court. Most trustees in bankruptcy are full-time professionals and are paid from the estates of the debtors.
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