Merchant Category Code (MCC)
Merchant Category Code (MCC):
Merchant classification code which identifies the merchant by type of processing, authorization and settlement.
M
Merchant Agreement
Merchant Agreement:
The written contract between merchant and acquirer who detail their respective rights, responsibilities and warranties.
Merchant Acquirer
Merchant Acquirer:
A member that has entered into an agreement with a merchant to accept deposits generated by bankcard transactions; also called the acquirer or acquiring bank.
Merchant Account Initiation (MAI)
Merchant Account Initiation (MAI):
A full-cycle credit management system that statistically credit scores and rates new merchant applications, tracks accounts from contract signing to achievement including an on-going profitability analysis, and retains a paperless credit file online.
Merchant
Merchant:
A retailer, or any other person, firm, or corporation that, according to a Merchant Agreement, agrees to accept credit cards, debit cards, or both, when properly presented.
Merchandise Returns/Refunds
Merchandise Returns/Refunds:
The request by a STAR Cardholder for a refund of part or all of a previously processed STAR Transaction. The STAR Network does not support Merchandise Returns and/or Refunds as an electronic transaction unless they are processed as Purchase Corrections/Cancellations or as Internet Purchase Credit pursuant to these Rules. A non-Internet STAR Merchant must handle a STAR Cardholder’s request for a refund or return of a product or service purchased with a STAR Card in the same manner as a refund or return of a product or service purchased with cash or a check.
Member
Member:
A financial institution which is a member of VISA USA and/or MasterCard International. A member is licensed to issue cards to cardholders and/or accept merchant drafts.
Media
Media:
The documentation of monetary transactions (i.e. sales drafts, credit slips, computer printouts, etc.).
Mail Order/Telephone Order (MO/TO)
Mail Order/Telephone Order (MO/TO):
The direct marketing catalog industry.
Magnetic Stripe
Magnetic Stripe:
A stripe (on the bankcard) of magnetically encoded cardholder account information affixed to a plastic card.
