Payment Card Industry Flashcards
Which of the 5 key players in the Payment Card Industry enters a contract with a merchant, funds merchant for settlement and provides processing solutions and programs?
Acquirer
An acquiring bank is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association. ( Visa, Mastercard, American Express, Discover)
Who is the organization responsible for denying or approving transactions?
The Issuing Bank
What starts the process that allows the merchant to get paid?
A merchant must settle their batch. Once they close their batch all authorizations are sent to the host for Settlement.
What is the most secure way to process cards?
Dip or Tap are the most secure. Also know as EMV or Contactless.
What are some examples of contactless payments?
Samsung
Google Pay
Apple Pay
Who are the Key players that make up the Payment Card Industry?
Cardholder
**
Agrees to terms and conditions of the issuing bank.
Initiates a transaction using their payment card with a merchant.
**Issuing Bank
**A company that offers payment cards to its customers, issues a payment card to the Cardholder.
Pay the acquirer for settled transactions
**Card Brands
**
Give the permission to issuing banks to issue cards using their brand
Facilitates networks for transactions to process through
Determines Interchange (fee) rates
**Merchant
**
The merchant runs the cardholder’s card to facilitate the transaction
The merchant pays fees to the acquirer, card brands, and issuing bank for processing services
**Acquirer
**
Enters into a contract with the merchant to process payments
Fund merchant settlements
Provides processing solutions and programs
What is a Data Breach?
Sensitive data includes information such as social security numbers, tax identification numbers, credit and debit card numbers, personal identification numbers, and passwords to name a few. These are all pieces of data that TSYS stores, and many times our merchants store. Because this type of information can be very impactful if compromised, the Payment Card Industry takes measures to help protect the data.
What is PCI DSS?
PCI DSS (Data Security Standards), otherwise known as PCI Compliance, is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information maintain a secure environment to do so. The goal of the standards is to manage the ongoing evolution of the payment card industry, especially the risks of being compromised.
What is the amount of breach coverage alloted for 1 account?
If the merchant has 1 account, the merchant is covered up to $100,000 per event.
What is NFC?
Near field Communications (NFC) is the process by which the card information is read from either a mobile device that has the near field communications potential.
