Cardholder (Consumer)
Holds MasterCard or Visa credit card issued by a bank with a line of credit
Card Issuer
(Financial Institution and/or Bank) Licensed member of MasterCard and/or Visa; in which, they issue bank credit cards to consumers and applicants. They receive interchange from every transaction (see interchange chart)
Merchant Acquirer
Solicits screens, accepts and sets up merchants with its bankcard program. It uses front-end networks to authorize credit card transactions and back back-end networks to settle the funds
Merchant
Any business entity that is approved to accept credit cards as a form of payment. If a merchant is approved to accept credit cards they must accept all credit cards, they can’t refuse to take a particular card. A merchant can’t “surcharge” a cardholder paying with a credit card. Also, a merchant can’t require a minimum purchase for accepting credit cards
Member Service Provider
Third party organizations approved and registered with Visa and MasterCard to offer processing Services; also known as Independent Sales Organizations (ISO’s). My POS Depot is a Member Service Provider.
MasterCard & Visa International
Worldwide payment service organization made up of Financial Institutions (banks). They manage the industry, monitor fraud, and set the rules and regulations. They also market their brand to the public
Merchant Level Sales Representative (MLSR)
They market the products and services from a Member Service Provider to merchants allowing the merchants to accept credit cards, debit cards, checks, EBT, gift & Loyalty cards, Cash advance, and ATM services.
grant @ myposdepot
growlands@myposdepot.com