B2B Prepaid Terminology and Definitions
Should you’re new to the fascinating world of B2B Pay as you go, you could get misplaced and confused with all of the terminology. I am right here to assist. I’ve recognized many phrases that you’ll come throughout and wish to grasp as you make choices on methods to run your program. I’ve listed them in alphabetical order in your comfort.
Acquirer – A financial institution or processor that sponsors retailers for the acceptance of credit score and debit card transactions. www.prepaidgiftbalance.com
Breakage – The unused portion of funds on a pay as you go debit card on the date of expiration.
Closed Loop – Retailer playing cards or present playing cards that may solely be used at a single service provider or single service provider group (reminiscent of Starbucks).
Customized Card – Playing cards which might be custom-made to a given firms emblem, look, really feel, model or messaging.
Embossing – The raised lettering and numbering discovered on most debit, pay as you go and bank cards.
Fake Card – A card the place the entrance is a printed image of the particular debit card and with generic info. The again of the cardboard is clean with no issuing language.
Generic Embossing – Playing cards which might be embossed with generic verbiage reminiscent of “Thank You” as an alternative of the cardholders identify. These playing cards are nice to maintain readily available for “On The Spot Rewards” to staff or clients.
Interchange – A price paid by the service provider to the issuer in POS (Level Of Sale) transactions. It is a income for the issuing financial institution and/or the processor.
Service provider Class Code (MCC) – A code assigned by an Acquirer to a Service provider to establish the product owner’s principal commerce, occupation or line of enterprise. This 4 digit code is often known as the SIC CODE.
Open Loop – Open loop or branded playing cards are debit, pay as you go or bank cards that can be utilized on the “open” networks of MasterCard, Visa, Uncover and American Specific. The time period Open is used as a result of they can be utilized at a wide range of retailers versus Closed Loop present or retailer playing cards.
Payroll Card – A pay as you go debit card issued by an employer to their staff who haven’t got a banking relationship or take part in direct deposit.
PCI – Fee Card Trade
PCI Compliance – A set of complete necessities for enhancing cost account information safety. This normal is meant to assist organizations proactively defend buyer account information.
Pay as you go – Often known as saved worth. Playing cards are pre-funded with a set greenback quantity and could be both single worth or reloadable.
Non-public Label – A card program that permits pay as you go playing cards to be restricted of their use to a single service provider or group of retailers. They don’t have the MasterCard or Visa emblem on them, nevertheless it rides on their community. These playing cards usually are not embossed. The playing cards will solely work at outlined places.
Reloadable – A card that may have extra cash added or “loaded” electronically.
Reproduction Card – A card the place the entrance is a printed image of the particular debit card and with generic info. The again of the cardboard has normal verbiage and a singular quantity to establish the cardboard.
Selective Authorization – The potential to limit the place a card can be utilized or particularly steer purchasers to a single service provider, service provider class or group of retailers.