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Sales Draft. A document showing a pledge on the cardholder's part to pay money to the credit card issuer. This document is is signed during the purchase, also may be be captured electronically and sent to be processed.

Sales Transaction Fee. A fee the financial institution charges a merchant for each sales transaction.

Secure Payment Gateway. A Secure Socket Layer (SSL) technology based system used to transmit encrypted credit card data, authorization requests and authorization responses over the internet. The transaction information is sent by the Payment Gateway secure server to the credit card network where the validity of the card is checked and the availability of funds on that account is verified. An authorization code is returned to the payment gateway and transmitted in encrypted form to the merchant web server where order is fulfilled.

Secure Payment Software (Module/System). A software provided by secure gateway providers allowing shopping carts and other payment applications to request and receive credit card authorizations via encrypted communication lines.

Settlement. The process of sending a merchant's batches of transactions to the acquirer. In interchange, it is the process by which acquirers and issuers exchange financial data resulting from cash advances, sales transactions, merchandise credits, etc.

Shopping Cart Software (Shopping Cart Program / Shopping Cart). A software system running as a part of a website used to to collect and record visitor's shopping decisions (products, services, etc.). This application also capture buyer's credit card information but rely on secure payment software of the secure payment gateway provider in conjunction with the secure payment gateway. Secure payment software is integrated into the shopping cart application.

Shopping Cart Software Provider. A software company that produce, utilize or resell shopping cart applications (programs).

Smart Card. A payment card with a built-in microprocessor (chip) that electronically stores account information in the card itself.

Soft Decline. A declined authorization attempt that does not necessarily mean the card is bad. There may be a number of reasons like i.e. cardholder over limit, issuer unavailable, etc. These transactions may be resubmitted later in an attempt to obtain a valid authorization.

Split Dial. A card terminal capability to dial different telephone numbers to obtain an authorization of different card types.

Standard Industrial Code (SIC). A four-digit code that specifies a merchant's industry type.

Statement Fee. A charge determined by the merchant bank for a monthly reports detailing activity on a merchant account.

Stored Value Card. A credit card issued by a merchants to their customers in exchange for money received, merchandise returned or other considerations. The card represents a money value that the merchant's customer can either use or give to another person.

Summary Adjustment. A correction of deposit when there is an error in the submitted deposit. This correction is made by the acquirer.

Swipe Discount Rate. The discount rate charged by a merchant account provider for transactions in which a credit card is available.