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Image Replacement Document (IRD)
An Image Replacement Document (IRD) is a document that is used to replace a physical credit card when the card is lost, stolen, or otherwise not available. IRDs may be issued by credit card issuers or processors and typically contain the same information as the physical card, including the card number, expiration date, and security code. IRDs may be used to make online or phone orders or to pay for goods or services in person.
Imprint
An imprint is a copy of a credit card transaction that is made by pressing the card onto a carbonless paper form or electronic pad. Imprints are typically made at the point of sale and are used to create a record of the transaction and may be used to verify the cardholder’s identity or to resolve disputes or chargebacks.
Imprinter
An imprinter is a device that is used to create an imprint of a credit card transaction and may be manual or electronic and are typically used at the point of sale to create a record of the transaction. Imprinters are often used in situations where a card reader or terminal is not available, such as at trade shows or outdoor events.
In-App Payment
In-App Payment is a payment processing solution that enables users to make purchases within a mobile app and are typically facilitated by a payment processor or gateway and may be used to purchase digital or physical goods or services. Inapp payments may be made with a variety of payment methods, including credit cards, debit cards, and mobile payments.
Indemnification
Indemnification is a legal term that refers to the protection of one party from liability or loss. In the credit card processing industry, Indemnification may refer to the protection of a merchant or credit card processor from liability in the event of a chargeback or other dispute. These clauses may be included in contracts between merchants and credit card processors to protect against losses or liabilities.
Independent Sales Organization (ISO)
An Independent Sales Organization (ISO) is a company that sells credit card processing services to merchants on behalf of a credit card processor or issuer. ISOs typically work on a commission basis and may offer a range of payment processing solutions, including credit card processing, debit card processing, and mobile payments. ISOs also offer an additional layer of customer support.
Instant Payment Notification (IPN)
Instant Payment Notification (IPN) is a feature offered by some payment processors and gateways that enables merchants to receive realtime notifications when a payment is made or a transaction is authorized. IPN may be used to trigger automated processes, such as order fulfillment or account updates, and can help merchants to streamline their operations.
Integrated Payments
Integrated payments is a payment processing solution that enables merchants to accept a variety of payment methods, including credit cards, debit cards, and mobile payments, through a single point-of-sale system. Integrated payment solutions may be provided by payment processors, gateways, or software vendors and may be used to process transactions instore, online, or through a mobile app.
Integrated Point of Sale (IPOS)
An Integrated Point of Sale (IPOS) is a point-of-sale system that is integrated with a merchant’s other business systems, such as inventory management or accounting software. IPOS systems may include features such as inventory tracking, customer management, and reporting and may be used to process transactions instore, online, or through a mobile app.
Integrated Software Vendor (ISV)
An Integrated Software Vendor (ISV) is a software company that integrates its products with other software or systems to provide a complete solution for customers. In the credit card processing industry, ISVs may offer payment processing solutions that are integrated with other business systems, such as point-of-sale systems, accounting software, or ecommerce platforms.
Integrated Terminal
An integrated terminal is a point-of-sale terminal that is integrated with other business systems, such as inventory management or accounting software. They may include features such as inventory tracking, customer management, and reporting and may be used to process transactions instore, online, or through a mobile app.
Intelligent Payment Routing
Intelligent Payment Routing is a payment processing feature that enables merchants to route transactions to the most costeffective or efficient payment processor or gateway based on a variety of factors, such as transaction type, currency, or risk level. Intelligent payment routing can help merchants to reduce processing costs and improve the efficiency of their payment processing operations.
Interactive Voice Response (IVR)
Interactive Voice Response (IVR) is a technology that enables automated telephone systems to interact with callers and collect information. In the credit card processing industry, IVR systems may be used to facilitate card payments over the phone, to verify cardholder information, or to provide account balances or other information. This is very common among municipality related payment services like parking tickets, or speeding violations.
Interchange Fee/Rate
Interchange is the fee that a credit card issuer charges a merchant’s acquiring bank or credit card processor for processing a credit card transaction. Interchange fees are typically a percentage of the transaction amount and may vary based on the type of card used, the merchant’s industry type, and other factors. Interchange fees are set by the card networks, such as Visa and Mastercard, and are used to cover the cost of issuing and servicing credit cards.
Interchange Network
An Interchange Network is a network of financial institutions and other entities that facilitate the processing of credit card transactions. Interchange networks, such as Visa and Mastercard, establish rules and fees for the use of their networks and provide a range of payment processing services, including credit card processing, debit card processing, and mobile payments.
Interchange Pass-Through
Interchange pass-through is a pricing model in which a credit card processor or acquiring bank passes the interchange fees charged by the card networks on to the merchant and adds their fee on top. While this is easy to determine their fee in excess of interchange it may still be hard to understand or estimate total fees assessed as interchange levels vary.
Interchange Plus Pricing
Interchange plus pricing is a pricing model in which a credit card processor or acquiring bank adds a markup to the interchange fees charged by the card networks. Interchange plus pricing may be used to cover the processor’s or acquirer’s costs and profits, and may be more transparent than other pricing models, as the merchant can see the exact cost of each transaction.
Interchange Reimbursement Fees
Interchange Reimbursement Fees are fees that a credit card processor or acquiring bank charges a merchant to cover the cost of interchange fees. These fees may be a fixed fee or a percentage of the transaction amount and may be charged on a pertransaction or monthly basis.
Internet Merchant Account
An Internet Merchant Account is a type of merchant account that is specifically designed for merchants that accept payments online. Internet merchant accounts may be used to process credit card, debit card, and other electronic payments and may include additional features, such as fraud prevention and reporting and require a gateway or virtual terminal.
Invoice
An invoice is a document that is issued by a merchant to a customer to request payment for goods or services that may include details such as the product or service purchased, the quantity, the price, and the payment terms. Invoices may be issued online, by mail, or in person and may be paid by cash, check, or credit card.
IRS Regulatory Fee
An IRS Regulatory Fee is a fee that is charged by the Internal Revenue Service (IRS) to cover the cost of regulating the credit card industry. IRS regulatory fees may be charged to merchants, credit card processors, or other entities that participate in the credit card industry and are typically based on the volume of credit card transactions processed.
IRS Report Fees
IRS Report Fees are fees that are charged by the Internal Revenue Service (IRS) for the production of reports or other documents related to credit card transactions. These fees may be charged to merchants, credit card processors, or other entities that participate in the credit card industry and are typically based on the volume of credit card transactions processed.
Issuer
An issuer (credit card issuer) is a financial institution or other entity that issues credit cards to consumers. Issuers are responsible for evaluating the creditworthiness of applicants, issuing credit cards, and managing the accounts of cardholders. Issuers may also be involved in the processing of credit card transactions and may charge fees or interest on unpaid balances.
Issuing Bank
An issuing bank is a financial institution that issues credit cards to consumers. Issuing banks are responsible for evaluating the creditworthiness of applicants, issuing credit cards, and managing the accounts of cardholders. Issuing banks may also be involved in the processing of credit card transactions and may charge fees or interest on unpaid balances.
Issuing Processor
An issuing processor is a company that processes credit card transactions on behalf of an issuing bank or other financial institution. They may be responsible for verifying cardholder information, authorization, settlement, and other aspects of the credit card processing process. Issuing processors may also provide services such as fraud prevention and reporting to help protect against losses or liabilities.
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JCB
JCB is a major credit card issuer and payment network based in Japan. JCB offers a range of credit cards and other payment products and services, including debit cards, prepaid cards, and mobile payments. JCB cards are accepted at millions of merchants worldwide and may be used to make purchases in person, online, or over the phone.
Joint Credit
Joint credit is a type of credit agreement that is held by two or more individuals. Joint credit may be used to apply for credit cards, loans, merchant accounts or other financial products and may be based on the creditworthiness of both individuals. Joint credit may be used to help individuals who do not have sufficient credit history or income to qualify for credit on their own.