Industry Terms


3D Secure


Account Updater (AU)

acquirer reference number (ARN)

acquiring bank

acquiring BIN

address verification service (AVS)


application programming interface (API)

approval rate


authorization rate


bank chargeback

billing descriptor

bank identification number (BIN)


card brands


cardholder data

customer-initiated transaction (CIT)

card-not-present (CNP)

card present



chargeback reason

chargeback reason code

credential-on-file (COF)

credit card surcharge



decline rate



enumeration attack

European Banking Authority (EBA)

European Economic Area (EEA)


friendly fraud


issuer identification number (IIN)

issuing bank


interchange fees


lifetime value (LTV)



merchant account

merchant category code (MCC)

merchant-initiated transaction (MIT)

merchant of record (MOR)



network tokenization

network tokens


payment aggregator

payment authentication

payment gateway

payment orchestrator

payment service provider (PSP)

Payment Services Directive 2 (PSD2)

Payment Card Industry Data Security Standard (PCI DSS)

primary account number (PAN)

processing fees



recurring payments


return fraud


secured card


soft descriptor

standard industrial code (SIC)

stored credential

Strong Customer Authentication (SCA)


token requestor ID


UK Current Account Switch Service (UK CASS)

Chargeback Reason Codes

The definitions for the following chargeback reason codes were pulled directly from Visa's Dispute Management Guidelines for Visa Merchants:

  • Declined authorization - You processed a transaction where you received a Decline or Pickup response, but you completed the transaction anyway.
  • Incorrect transaction code - You sent a transaction with an incorrect transaction code (i.e. you meant to send a credit, but you actually sent a sale, or you meant to process a sale and sent a credit).
  • Late presentment - The transaction was completed past the required time limits.
  • Incorrect currency - You sent a transaction that was processed with an incorrect currency code or one of the following: (a) the transaction currency is different from the currency transmitted through the card brand; (b) the cardholder was not advised or did not agree that Dynamic Currency Conversion (DCC) would occur.
  • Incorrect amount - The cardholder submitted a claim to their bank that says one of the following things happened: (a) the transaction amount is incorrect; (b) an addition or transposition error was made when calculating the transaction amount; (c) you altered the transaction amount after the transaction was completed without the consent of the cardholder.
  • Duplicate processing - The cardholder claims that a single transaction was processed more than once.
  • Merchandise/services not received - The cardholder claims that merchandise or services that they ordered were not received or that the cardholder canceled the order as the result of not receiving the merchandise or services by the expected delivery date (or merchandise was unavailable for pick-up).
  • Canceled recurring - A recurring transaction was processed after it was canceled or the cardholder’s account was closed.
  • Canceled merchandise/services - The cardholder’s bank received a notice from the cardholder stating that they returned merchandise or canceled services, but the credit has not appeared on the cardholder’s Visa statement.
  • Not as described/defective - The cardholder’s bank received a notice from the cardholder claiming that the goods or services were one or more of these: (a) merchandise or services did not match the description on the transaction receipt or other documentation presented at the time of purchase; (b) merchandise or services are not the same as your verbal description (for a telephone transaction), (c) the merchandise was received damaged or defective, (d) the cardholder disputes the quality of the merchandise or services.
  • Credit not processed - The cardholder’s bank received a notice from the cardholder claiming that they received a credit or voided transaction receipt that has not been processed.
  • Fraud - card present environment - A cardholder is claiming that they did not authorize or participate in a key-entered or unattended transaction conducted in a card-present environment.
  • Fraud - card absent environment - The cardholder’s bank has filed a dispute stating that their cardholder did not authorize or participate in a transaction conducted in a card-absent environment (i.e. internet, mail-order, phone-order, etc.).