Accepting and Processing Payments Flashcards
Airline Reporting Corporation (ARC)
The organization that regulates the sale and distribution of airline tickets; accredits agencies selling airline tickets; supplies documents used in selling airline tickets, rail transportation, and related services; and provides a central sales-processing system.
Chargeback
The payment amount that is returned to a debit or credit card after a customer disputes the transaction; merchants typically incur a fee from the card issuer when a chargeback occurs.
Credentials
The authority issued by the International Airlines Travel Agent Network (IATAN) or the Airlines Reporting Corporation (ARC) that identifies individuals or agencies as industry professionals.and allows them to sell their products.
Credit card not present (CNP)
A notation indicating that the credit card was not presented in person by the cardholder.
Card verification value (CVV) number
A security code used to prevent fraudulent charges on a credit card or debit card.
Host agency
A host agency is an organization that specializes in supporting the needs of smaller independent travel agencies.
Independent contractor (IC)
A self-employed person who is paid by a business to provide certain services; the IR has specific criteria to distinguish independent contractors from employees.
Merchant Account
A special type of bank account with a payment processor entity that gives businesses access to funds received from credit and debit card payments.
Merchant of Record
The entity held financially liable for all full and partial returns, as well as any chargebacks initiated by a customer.
Payment Card Industry Data Security Standard (PCI DSS)
The standard that merchants, vendors, and financial institutions must comply with; it sets security policies, technologies, and ongoing processes to protect payment systems from breaches and theft of credit cardholder data
Payment Processor
An entity that, on behalf of merchants, processes electronic financial transactions–including, but not limited to, ACH (Automated Clearing House), credit card, and debit card–into the appropriate network for each type of payment.
PayPal
An online payments system that serves as an electronic alternative to traditional paper methods, such as checks and money orders; used in the majority of countries that support online money transfers.
Point of Sale (POS)
The place where customers execute payments for goods or services.
Service fee
The amount of money an agent charges for work performed.
Venmo
A mobile payment service owned by PayPal in which account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the U.S.
