A comprehensive glossary of terminology, acronyms, and definitions for merchants.
An acquiring bank (also known as a merchant bank or acquirer) is the financial institution that maintains a merchant’s bank account. The acquiring bank passes the merchant’s transactions along to the customer’s issuing banks to get an approval on the transaction and help the merchant receive the payment. In simple terms the bank where the merchant receives money from customers is the acquiring bank.
A cardholder is an individual who holds a debit or credit card issued by the issuing bank. These cards are used for purchasing goods and services at the point of sale.
The financial institution that issues cards to consumers. The issuing bank is also known as the credit or debit card company. In simple terms the customer’s bank that gives him the debit or credit card is the issuing bank.
An individual or company selling goods and services to end customers.
The payment processor is the entity between the issuing card brands, the acquiring bank, and the merchant or vendor. Prominent networks include Visa, Mastercard, RuPay, UCB, American Express and Diners Club.
A payment terminal, also known as a point of sale (POS) terminal or electronic data capture (EDC) machine is a device through which sales payment transactions can be done.
It is the process of registering a POS terminal for all the modules (sub-systems) enabled on the terminal.
We offer auto-batch settlement with wired terminals at a specific time requested by merchant enterprises. However, the merchant computer or laptop and our terminal should be in an active state when auto batch settlement is triggered.
Every terminal has a batch (with batch number) where the sales transactions are captured.
This is a mandatory action for merchant enterprises to settle the batch in the terminal. Batches can be settled at regular intervals, ranging from end of the day to after every sale transaction, depending on the needs of the merchant. The merchant bank needs to be informed of this interval.
Following the batch settlement of all transactions, the merchant banks and/or financial agencies are informed about the total amount that is due to credit the same into the account.
Apart from reversal, other types of errors can pop up when a transaction is being attempted. Typically, these could be related to a TID or the hardware.
It is the process of synchronizing all the templates, parameters, images, and messages from the server. These are required for transaction processing and charge slip printing.
Late settlement fee is a penalty imposed on the merchant when a batch is not settled within the specified time interval, as specified in the acquirer terms.
This option is used to print a receipt of the last transaction. The receipt generated shows the actual status of the last transaction - independent of whether the last transaction was approved or not.
A debit or credit card used as a payment mode.
A debit or credit card transaction where the amount is manually entered in the terminal. The billing system and POS terminal are not connected.
The POS is connected with our wired terminal. Once billing is completed on the POS terminal, the amount and invoice number is transferred from the billing system to the terminal.
Reversal happens when a transaction is not complete due to a network issue. Although the card holder gets an SMS intimation, the terminal does not print the charge slip. In this scenario, the merchant does not give the goods and services to the card holder because the transaction is incomplete and he/she has not received the payment. Usually the amount debited or credited from or to the card holder’s account is revered within 24-48 hours of the failed transaction. In case this does not happen, the card holder must contact his or her bank.
Easy-to-use reports generated on the web (TRM) and mobile-based application (myPlutus App). These reports facilitate real-time access to all transaction data and help merchant enterprises to overcome post transaction challenges.
PVM is used to display transaction options on Plutus hardware.
Refund is an option in the terminal. It is used if the merchant wants to refund a customer. In this transaction the funds are credited back to the customer account. This option can be exercised after batch settlement.
This option is used to generate a duplicate copy of the receipt of the transaction. With this option users can get a duplicate copy of any transaction present in that batch. A duplicate copy is generated only for approved transactions.
Void is an option in the terminal. It refers to nullifying an approved transaction. This option can be exercised before batch settlement.