Q
QR (Quick Response) Code Payment
QR (Quick Response) code payment is a type of mobile payment that enables users to make payments using a QR code displayed on their smartphone or other device. To make a payment using a QR code, the user scans the code with their device and confirms the payment amount. The payment is then processed and the funds are transferred from the user’s account to the merchant’s account.
Qualified Discount Rate
The qualified discount rate is the percentage fee that is charged to merchants for processing credit card transactions. The qualified discount rate is typically based on a variety of factors, including the type of card being used, the type of transaction being processed, and the merchant’s industry.
Qualifying Ratio
A qualifying ratio is a measure of a borrower’s ability to repay a loan. In the context of credit card processing, a qualifying ratio may be used to determine a merchant’s creditworthiness or to assess the risk of a credit card transaction.
Quasi Cash
Quasi cash refers to financial instruments that can be converted into cash or used to make purchases, but are not issued by banks or other financial institutions. Examples of quasi cash include money orders, travelers checks, and prepaid debit cards.
Quick Payment Service
Quick payment service is a type of payment service that enables users to make fast and convenient payments using their smartphone or other device. Quick payment services may include mobile payment apps, online payment platforms, or other electronic payment methods.
R
Rapid Dispute Resolution
Rapid dispute resolution is a process that is used to quickly resolve disputes between merchants and cardholders over credit card transactions. Rapid dispute resolution may involve the use of technology and automation to streamline the dispute resolution process, in order to minimize delays and ensure that disputes are resolved in a timely manner.
Real-Time Processing
Real-time processing is a type of payment processing that enables transactions to be processed and settled in real-time, rather than on a batch basis. Real-time processing is typically used for online or mobile payments, where it is important to confirm the availability of funds and complete the transaction as quickly as possible.
Reason Code
A reason code is a code that is used to indicate the reason for a credit card transaction decline or error. Reason codes may be assigned by the card issuer, the merchant, or the payment processor, and are used to help identify and resolve issues with transactions.
Receiving Depository Financial Institution (RDFI)
A Receiving Depository Financial Institution (RDFI) is a financial institution that receives electronic funds transfers (EFTs) from other financial institutions. In the context of credit card processing, the RDFI is typically the cardholder’s bank, which receives the funds from the merchant’s bank or payment processor.
Reconciliation
Reconciliation is the process of comparing and reconciling financial records in order to ensure that transactions are accurately recorded and accounted for. In the context of credit card processing, reconciliation may involve comparing the merchant’s records of credit card transactions with the records of the card issuer or payment processor in order to ensure that all transactions are accounted for and that any discrepancies are resolved.
Recurring Billing
Recurring billing is a type of payment arrangement in which a merchant automatically charges a cardholder’s credit or debit card on a regular basis, typically on a monthly or annual basis. Recurring billing is often used for subscription services or for recurring payments for goods or services.
Recurring Payments
Recurring payments are payments that are made on a regular basis, typically on a monthly or annual basis. Recurring payments may be made using a credit or debit card, and are often used for subscription services or for recurring payments for goods or services.
Referral Code
A referral code is a unique code that is used to track the source of a referral or recommendation. In the context of credit card processing, referral codes may be used by merchants to track the source of new customers or to reward customers for referring friends or colleagues to the merchant’s services.
Refund Policy
A refund policy is a set of guidelines that outline the circumstances under which a merchant will issue a refund to a customer. Refund policies may vary from merchant to merchant, and may specify the types of goods or services that are eligible for a refund, as well as the timeframe in which a refund may be requested.
Reloadable Card
A reloadable card is a payment card that can be loaded with additional funds as needed. Reloadable cards may be prepaid debit cards, gift cards, or other types of payment cards that can be used to make purchases or withdraw cash.
Remittance Detail/Information
Remittance detail or information refers to the details of a remittance, including the amount of the remittance, the recipient of the funds, and any additional information that is required to process the remittance. Remittance detail or information is typically provided by the sender of the funds, and is used to ensure that the funds are transferred correctly and accurately.
Remittance
Remittance refers to the transfer of funds from one party to another, typically in the context of international payments. Remittances may be made for a variety of purposes, including the payment of goods or services, the transfer of money to family members or friends, or the payment of taxes or other obligations.
Report on Compliance (RoC)
A Report on Compliance (RoC) is a document that is used to demonstrate compliance with the Payment Card Industry Data Security Standard (PCI DSS). RoCs are typically required by merchants and service providers that accept credit card payments, and outline the measures that have been taken to protect sensitive credit card information.
Representment
Representment is the process of challenging a chargeback and presenting evidence to support the validity of a credit card transaction. Representment may be initiated by a merchant in order to contest a chargeback that has been issued by a card issuer or a cardholder.
Reprogramming Fee
A reprogramming fee is a charge that is assessed for updating or modifying the programming of a point-of-sale terminal or other payment processing equipment. Reprogramming fees may be charged by merchants or payment processors in order to cover the cost of making changes to the equipment or software.
Reputational Risk
Reputational risk is the risk of damage to a company’s reputation due to negative publicity or other events. In the context of credit card processing, reputational risk may arise if a merchant experiences a data breach or other security incident that results in the loss or compromise of sensitive credit card information.
Reserve account
A reserve account is a financial account that is used to hold funds in reserve, typically in order to cover potential chargebacks or other losses. Reserve accounts may be established by merchants or banks in order to mitigate the risk of loss, and may be funded with a percentage of a merchant’s credit card processing volume.
Reserve
A reserve is a portion of a merchant’s credit card processing volume that is set aside by the merchant’s bank or payment processor in order to cover potential chargebacks or other losses. Reserves are typically used to mitigate the risk of loss to the merchant or the bank, and may be released back to the merchant once the risk of loss has been reduced or eliminated.
Retail Merchant
A retail merchant is a business that sells goods or services to consumers for personal use or consumption. Retail merchants may include brick-and-mortar stores, online retailers, or other businesses that sell products or services directly to consumers.
Retrieval Fee
A retrieval fee is a charge that is assessed for retrieving and providing documentation or other information about a credit card transaction. Retrieval fees may be charged by merchants or payment processors in order to cover the cost of retrieving and providing the requested information.
Retrieval Request
A retrieval request is a request for information or documentation about a credit card transaction. Retrieval requests may be made by card issuers, cardholders, or other parties in order to obtain information about a transaction or to resolve a dispute.
Reversal
A reversal is the process of canceling or reversing a credit card transaction. Reversals may be initiated by merchants, card issuers, or cardholders in order to correct errors or resolve disputes.
Risk Management
Risk management is the process of identifying, analyzing, and mitigating risks that may impact a business or organization. In the context of credit card processing, risk management may involve the use of various tools and techniques to reduce the risk of fraud, chargebacks, and other losses.
Rolling Reserve
A rolling reserve is a type of reserve that is held by a merchant’s bank or payment processor in order to cover potential chargebacks or other losses. Unlike a traditional reserve, which is held for a fixed period of time, a rolling reserve is held for a specified percentage of a merchant’s credit card processing volume.
Routing Transit Number (RTN)
A Routing Transit Number (RTN) is a nine-digit code that is used to identify a financial institution for the purpose of routing electronic funds transfers (EFTs). RTNs are typically assigned by the American Bankers Association (ABA), and are used by merchants, banks, and payment processors to route EFTs to the correct financial institution.