Merchant Account Terms & Definitions

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T

Terminal. A device used to capture, transmit and store credit card transactions.

Terminal ID (TID). A number assigned to a credit card transaction device. It is a identification number of the merchant's equipment and is used by processors, bankcard data transport networks, payment gateways and other software applications.

Terminal Software. A software system that determines features of the terminal.

Third Party Processor. An independent processor that is contracted with by a bank or processor to manage some part of the transaction processing process.

Third Party Secure Payment Gateway. A company providing a connection between the merchant's web site and the Visa / MasterCard (or Check) merchant processor.

Transaction FeeA per transaction fee that is charged by the bank for processing transactions.