| Receipt - When used in the context of credit card | | | | rather than services, whilst operating in the consumer |
| receipt means a document that provides a record of | | | | retail sector, and processing card present, as a pose |
| a transaction that took place at a point of sale, and | | | | to card not present transactions. |
| may also refer to a printable copy for a card not | | | | Sales Draft - A hard copy that offers evidence that |
| present transaction. This will include transactional | | | | goods/services were purchased by the cardholder. |
| details, details of the buyer. The date, amount and a | | | | Secured Credit Cards - Secured credit cards are |
| reference number will also be present. | | | | credit cards where by a persons or businesses |
| Recurring Bill - This refers to a transaction where by | | | | assets are directly transferable should they fail to |
| the merchant is granted permission by the card | | | | honour payment schedules that are put in place. This |
| holder, to periodically charge their credit card or debit | | | | is generally where a person has a poor credit history |
| card for service or goods that they will render on a | | | | or fail to pass a credit check or pose too much of a |
| monthly or perhaps a yearly basis. | | | | risk to a financial organization to be given credit |
| Reference Number - This is a number that is assigned | | | | terms. Assets can be in the form of shares in a |
| to every transaction for the purpose of being | | | | business, a home or a car for example. |
| identifiable to the buyer, the merchant bank, the | | | | Service Charge - This is charge that can be a |
| merchant and potentially other stakeholders that are | | | | component of financial organizations pricing. This is |
| party to the transaction. This will be printed in a | | | | generally a fixed one-time fee rather than a yearly or |
| monthly statement, allowing a credit card holder to | | | | monthly cost. Many argue that a service charge can |
| easily distinguish between transactions should they | | | | result in lower costs in the long-term, because you |
| wish to, or have cause to raise issues. | | | | are not asked to burden this cost accumulatively |
| Refund - When a credit card or debit card holder has | | | | Settlement - Settlement, when used in the context |
| funds credited to their account, which can be a result | | | | of credit cards, refers to the activity of buying and |
| of an error, a return or any other factor that results | | | | selling, that occurs within the market place for |
| in their account being credited to provide a return to | | | | transactions with credit cards. Acquirers, merchants, |
| status quo. | | | | card-issuing companies and processors all play a role. |
| Retail Merchant - A merchant that provides goods | | | | |