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Sales Transaction Fee
The amount the financial institution charges a merchant for each sales transaction.
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SDK
Software Development Kit - a
"kit" that is built to help a developer incorporate software into another program or system.
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Settlement
The process in which a merchant transmits batches of transactions to the acquirer. In interchange, it is the process
by which acquirers and issuers exchange financial data resulting
from sales transactions, cash advances, merchandise credits, etc.
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Settlement Currency
The currency in which a merchant receives funds after the completion of a foreign exchange conversion.
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SIC
Standard Industrial Code - a universal
four-digit code that designates a merchant's industry type. Similar to an MCC code.
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Smart Card
A payment card with a built-in microprocessor (chip) that stores information. Smart cards can be used for stored-value
cards, credit cards, loyalty programs and security access.
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Soft Decline
A declined authorization attempt that does not necessarily mean the card is bad (i.e., call referral, issuer unavailable
or cardholder over limit). These transactions may be resubmitted a day or two later in an attempt to obtain a valid
authorization.
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Split Dial
The capability of a card terminal to dial different telephone numbers to obtain an authorization or settlement of
different card types.
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Stored Value Card
A stored value card is used by a merchant to issue spending credit to their customers. The merchant's customers are given a
magnetic stripe card in exchange for money received, merchandise returned or other considerations. The card represents a
dollar value that the merchant's customer can either use or give to another individual. There is no security associated with
the card itself. The actual record of the balance on the card is maintained on a stored value card database.
Learn more...
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Submission
A file sent by the merchant that contains one or more transactions.
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Summary Adjustment
A correction to a deposit, made by the acquirer, when there is an error in the submitted deposit.
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Synchronous
Communication method that transmits continuously with no stops and start bytes between information bytes.
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