B2B Prepaid Terminology and Definitions

If you are new to the attention-grabbing global of B2B Prepaid, you can get misplaced and at a loss for words with all of the terminology. I’m right here to lend a hand. I’ve recognized many phrases that you’re going to come throughout and want to perceive as you are making choices on find out how to run your program. I’ve indexed them in alphabetical order in your comfort.

Acquirer – A financial institution or processor that sponsors traders for the acceptance of credit score and debit card transactions.

Breakage – The unused portion of price range on a pay as you go debit card on the date of expiration.

Closed Loop – Store playing cards or present playing cards that may handiest be used at a unmarried service provider or unmarried service provider workforce (reminiscent of Starbucks).

Custom Card – Cards which can be custom designed to a given corporations emblem, glance, really feel, emblem or messaging.

Embossing – The raised lettering and numbering discovered on maximum debit, pay as you go and bank cards.

Faux Card – A card the place the entrance is a broadcast image of the particular debit card and with generic data. The again of the cardboard is clean without a issuing language.

Generic Embossing – Cards which can be embossed with generic verbiage reminiscent of “Thank You” as a substitute of the cardholders identify. These playing cards are nice to stay readily available for “On The Spot Rewards” to staff or consumers.

Interchange – A price paid through the service provider to the issuer in POS (Point Of Sale) transactions. This is a income for the issuing financial institution and/or the processor.

Merchant Category Code (MCC) – A code assigned through an Acquirer to a Merchant to spot the product owner’s predominant business, occupation or line of industrial. This 4 digit code is sometimes called the SIC CODE.

Open Loop – Open loop or branded playing cards are debit, pay as you go or bank cards that can be utilized at the “open” networks of GraspCard, Visa, Discover and American Express. The time period Open is used as a result of they are able to be used at numerous traders versus Closed Loop present or retailer playing cards.

Payroll Card – A pay as you go debit card issued through an employer to their staff who should not have a banking courting or take part in direct deposit.

PCI – Payment Card Industry

PCI Compliance – A collection of complete necessities for boosting fee account information safety. This usual is meant to lend a hand organizations proactively offer protection to buyer account information.

Prepaid – Also referred to as saved price. Cards are pre-funded with a suite greenback quantity and will also be both unmarried price or reloadable.

Private Label – A card program that permits pay as you go playing cards to be limited of their use to a unmarried service provider or workforce of traders. They do not need the GraspCard or Visa emblem on them, nevertheless it rides on their community. These playing cards aren’t embossed. The playing cards will handiest paintings at outlined places.

Reloadable – A card that may have further cash added or “loaded” electronically.

Replica Card – A card the place the entrance is a broadcast image of the particular debit card and with generic data. The again of the cardboard has usual verbiage and a novel quantity to spot the cardboard.

Selective Authorization – The capacity to limit the place a card can be utilized or particularly steer purchasers to a unmarried service provider, service provider class or workforce of traders.

Single Value – A card that has a one-time, fastened sum of money. The card can be utilized till price range are depleted or till the cardboard expires.

Slippage – The cash this is nonetheless on playing cards which can be issued however now not activated to be used previous to the expiration date.

Transaction – An motion between a cardholder and a service provider that leads to job on a cardholder account.