M

« Older Entries

Message Authentication Code (MAC)

Message Authentication Code (MAC):

The result of passing a digital message or a set of data content through an algorithm and a Secret key to produce a unique code for every digital message. The recipient can use the same algorithm and securely held Secret key to confirm that the data content has not been altered in communication from the point of origin.

Merged Member

Merged Member:

A Depository Financial Institution that becomes a Member as a result of (i) its consolidation or merger with an existing Member, (ii) a purchase of its business and assets by an existing Member, or (iii) a purchase of the business and assets of an existing Member by such Depository Financial Institution.

Merchant Store and Forward Transactions

Merchant Store and Forward Transactions:

STAR Transactions that cannot be authorized by or on behalf of the Issuer Member due to technical malfunctions and that are stored in a POS System for later forwarding to the Issuer Member.

Merchant Station Plate

Merchant Station Plate:

A metal embossed plate to be attached to the imprinter machine and used for imprinting sales slips and batch headers/summaries. Embossed data includes merchant name, account number, city and state, and may include service entitlement numbers or checking account number. Also known as a “slug.”

Merchant Settlement Amount

Merchant Settlement Amount:

The net dollar amount for each business day of card transactions processed, less chargebacks debited to the merchants and other debits or credits to the merchants.

Merchant Service Charge

Merchant Service Charge:

The discount rate or other fees assessed by the acquirer.

Merchant Sales Agreement

Merchant Sales Agreement:

The written contractual agreement between a merchant, Merchant Processors, and Merchant Processors’s clearing/funding member bank. This agreement contains their respective rights, duties and warranties with respect to the acceptance of credit, debit or charge cards and payment system processing.

Merchant Outlet

Merchant Outlet:

The physical premises of the merchant at which a transaction is consummated.

Merchant Number

Merchant Number:

A number that numerically identifies each merchant to the merchant processor for accounting and billing purposes.

Merchant Fraud

Merchant Fraud:

The act of submitting sales drafts which are not the result of legitimate sales for the purpose of defrauding the services, the client bank, or individual cardholders. Fraud includes knowingly accepting lost, stolen or counterfeit credit cards.

« Older Entries