E-Commerce words Glossary

I

Imprint

An imprint of a customer's credit card can be electronic, swiping the card through a credit card terminal, or manual, taking a physical impression of the credit card. Either of these two methods is required to prove the customer's credit card was present.

Incentive

A reduction in price given to customers after a purchase has been made.

Integration

The act of combining or coordinating several parts or elements into an entire whole. For example, the Cardservie International payment-processing engine is integrated with the ecBuilder Web site creation software.

Interchange

The exchange of information, transaction data and money among banks. Interchange systems are managed by associations like Visa and MasterCard, and are very standardized so banks and merchants worldwide can use them.

Interchange Fee

A fee paid by the acquiring bank/merchant bank to the issuing bank. The fee is meant to compensates the issuer for the time after settlement with the acquiring bank/merchant bank and before it recoups the settlement value from the cardholder.

Internet

The Internet is the world's largest computer network; it is essentially a network of networks. Any device attached to the Internet can communicate with any other device on the network. Some uses of the Internet include sending and receiving email, browsing web sites, and increasingly, the buying and selling of goods and services.

Internet merchant

A business owner who sells products or services over the Internet.

IP Address

A unique number that is assigned to any device connected to the Internet.

ISO Independent Sales Organization

An organization that performs merchant solicitation, sales or service on behalf of financial institutions and/or processors.

Issuer

The bank that extends credit to customers through bankcard accounts. The bank issues the credit card and receives the cardholder's payment at the end of the billing period. Also called the issuing bank or the cardholder bank.

Issuing

The act of providing a bank card to a cardholder and authorizing them to use it to make financial transactions