IC Verify

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IC Verify software is a PC-based payment authorization and settlement system that communicates directly with the First Data Merchant Services (FDMS) platforms to authorize payment transactions and store them for end-of-day settlement. Internet pioneer CyberCash initially...

Identity Theft

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Identity theft occurs when a person uses another person's Social Security number, credit card number or other sensitive information to make unauthorized purchases, to commit fraud or to commit other crimes. According to the Federal Trade Commission (FTC), an estimated 9 million...

Independent Sales Organization

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An Independent Sales Organization – more commonly known as an ISO, but also called a Member Service Provider or MSP – is a third-party company that is contracted by a credit card member bank to procure new merchant relationships. ISO’s also process online credit card...

Integrated Point of Sale (IPOS)

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An Integrated Point of Sale (IPOS) system is one that connects to a merchant’s “back office” computer, and handles both internal functions like inventory control as well as external ones like electronic funds transfer (EFT-POS). It normally combines an electronic cash...

Interchange

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The term “interchange” refers to both a process and the fee for that process, which involves Visa or MasterCard taking a percentage of retail transactions where a credit or signature debit card is used for payment. The amount fluctuates depending on the type of card,...

Interchange Fee

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“Interchange Fee” is a word referred to in the credit card and banking industries to describe the amount that the bank of a merchant pays a the bank of a customer when a merchant allows cards that use major credit card networks like MasterCard, Visa or Discover for sales...

ISIS

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The Isis Mobile Wallet is a mobile application designed to replicate many of the functions of a physical wallet by holding virtual versions of payment and loyalty cards. Isis Ready merchants can accept payments directly from users' mobile phones through contact-less technology...

Issuing Bank

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An “issuing bank” is one that directly issues credit cards to consumers. A consumer uses a credit card, obtained from an issuing bank, to purchase a product or service. The merchant – whether a brick-and-mortar store, an e-commerce website, or both – must already have a...