Glossary
The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.
| Terminal |
A terminal is a device that a merchant uses to place a cardholder card into and transmit its details, including and PIN authentication, to an acquiring bank for authorisation and receive the acquiring bank reply. |
| Transaction |
Any agreement between two or more parties that establishes a legal obligation, and the act of carrying out such an obligation. Also, action between a cardholder and a merchant or a cardholder and a credit card company that result in activity on the cardholder 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. |
