Credit card processing can be complex. Even more so when you’re presented with an industry-related acronym that has you reaching for your smartphone or tablet to Google search the meaning.
In short (no pun intended), an acronym is an abbreviation formed by the initial letters of multiple words, ex. ISV stands for Integrated Software Vendor.
Here are some common payments-related acronyms:
ACH
Automated Clearing House is a payment processing network allowing merchants to accept electronic check payments by entering a bank routing number and account number.
AVS
Address Verification System is used to verify that address of the person claiming to own the credit card owner matches what the issuing bank has on file.
CHD
Card Holder Data consists of name listed on card, account number, expiration date, CVV, and billing address.
CNP
Card Not Present transactions are those which are processed without face-to-face or physical presentation of the actual card, which could be online, mail, or telephone orders.
CVV
Card Verification Value is the three-digit number on the back of the card (or 4-digit number on front of American Express) that helps to verify the card holder is in possession of card during CNP transactions.
EMV
Short for EuroPay, Mastercard, and Visa, this fraud-reducing technology in chip cards helps minimize the risks associated with counterfeit card-present transactions.
ISV
An Independent Software Vendor develops and sells software products for mass or niche markets, typically to help businesses operate.
IVR
Interactive Voice Response allows merchants to accept credit card and electronic check payments through a touchtone phone.
P2PE
Point-to-Point Encryption is an advanced security method that used to encrypt credit card data at the point-of-sale, while the data is in transit, and all the way to authorization.
PA-DSS
Payment Application Data Security Standard, formerly referred to as Payment Application Best Practices (PABP), is the global security standard for vendors that make and sell payment applications.
PCI DSS
Payment Card Industry Data Security Standards is the set of guidelines any merchant who processes, stores, or transmits credit card data must comply with.
PCI SSC
Payment Card Industry Security Standards Council is a global association formed to develop, enhance, and enforce the security standards for credit card processing.
POS
Point-Of-Sale software and systems are used at retail and restaurant locations worldwide to accept card-present credit, debit and gift card payments.
QIR
Qualified Integrator & Reseller is an organization authorized by the PCI SSC to implement, configure, or support applications meeting the PA-DSS.
QSA
Qualified Security Assessor is someone who is certified by the PCI SSC to audit merchants for compliance with the PCI DSS.
SAQ
Self-Assessment Questionnaire is a survey administered to merchants and service providers to evaluate their compliance with the PCI DSS.
SMB
Small and Midsize Business is typically categorized by number of employees and annual revenue. Small is usually less than 100 employees, while midsize is 100-999 employees. Annual processing volume ranges from $5-$10 million.
TPSP
Third Party Service Provider is an organization a merchant selects to assist with the processing, storing, or transmitting of credit card data.
VAR
A Value-Added Reseller adds features or services to an existing software product and resells it to the end-user.
Are we missing any? Let us know. Or, speak to a merchant services representative to provide more clarity.
