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Magnetic Stripe
A panel located on the back of a payment card containing magnetically encoded cardholder account information.
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Magnetic Stripe Reader
A point-of-sale device that reads the encoded information from the magnetic stripe when the card is passed through the
reader. Readers may read Track Two, which contains the cardholder account number and expiration date, or both Track
Two and Track One, which contains the cardholder name.
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MasterCard International Incorporated
A member-owned international bankcard association, governed by a board of directors, which licenses members to issue
cards or accept merchant drafts under the MasterCard Program. MasterCard owns and operates its own international
processing network.
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MCC
Merchant Category Code - a universal
four-digit merchant classification code that identifies the merchant by type of processing, authorization and settlement.
Similar to a Standard Industrial Classification (SIC), but more defined.
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Media
The documentation of monetary transactions (i.e., sales drafts, credit slips, computer printouts, etc.).
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Media Retrieval Requests
Media retrieval is the process of obtaining paper documents from a centralized location. There are two types of media
retrieval requests: 1) requests for sales records from cardholders, and 2) requests for documentation in defense of a
chargeback from card issuers.
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Member
A financial institution that is a member of Visa and/or MasterCard. A member is licensed to issue cards to cardholders
(issuer) and/or accepts merchant drafts (acquirer).
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Merchant
Store owner or seller of products.
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Merchant Agreement
The written contract between the merchant and acquirer that details their respective rights, responsibilities and warranties.
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Merchant Bank
See Acquirer.
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Merchant Discount
The fee an acquiring member charges the merchant to cover the costs of providing deposit credit and handling
credit card sales transactions. See Discount Rate.
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MICR Number
Magnetic Ink Character
Recognition - the bank routing and transit, checking account number and check number
encoded at the bottom of a check that can be used to authorize the check.
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MID
Merchant IDentification Number - The identification number
assigned to a merchant by the acquirer.
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MOP
Method Of Payment - the way a merchant
chooses to accept payment for products or services. Examples include: MasterCard, Visa, American Express, Discover,
Carte Blanche, Diners Club, JCB, Electronic Check and private label cards.
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