Merchant Services Terms Beginning with I
IC Verify: IC Verify software is a PC-based payment authorization and settlement system that communicates directly with the First Data Merchant Services (FDMS) platforms to authorize payment transactions and store them for end-of-day settlement. Internet pioneer CyberCash initially developed the software, which was acquired in 2002 by First Data along with a number of the original engineering personnel.
Imprinter: The now old fashioned manual, slide type device used to produce an image of the raised (embossed) characters on a credit card, to a transaction slip. All merchants should have a manual imprinter for cases that demand a physical imprint.
Independent Sales Organization (ISO): This acronym refer collectively to people who have contracted to sell our merchant processing services.
Integrated Point of Sale (IPOS): This acronym refers to conventional terminals that are “smarter” and more sophisticated in that they may be setup to communicate with like terminals owned by the same merchant even if they are located at different locations and with different merchant numbers.
Interchange: The term “interchange” refers to both a process and the fee for that process, which involves Visa or MasterCard taking a percentage of retail transactions where a credit or signature debit card is used for payment.
Interchange Fee – “Interchange fee” is a term that is used in the credit card and banking industries to describe the amount that a merchant’s bank (the “acquiring bank) pays a customer’s bank (the “issuing bank“) when merchants accept cards that use major credit card networks such as MasterCard, Visa or Discover for sales transactions.
Internet Merchant Account: A Merchant Account is a relationship between a retailing company and a Merchant Bank, which allows the retailer to accept credit card payments from customers via the Internet.
Issuing Bank: An Issuing Bank is any Visa/MasterCard member bank that enters into contractual relationships with cardholders for the issuance of cards.
