Glossary of Industry Terms

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PCI Related Terms Technical Terms

ODFI

See Originating Depository Financial Institution.

These cards usually look like a credit card and resemble a credit card transaction. The merchant\'s terminal reads your card, identifies it as a debit rather than a credit card, and creates a debit against your bank account. However, instead of debiting your account immediately, it stores the debit for processing later -- usually within 2-3 days.

Offline Transaction Processing

A class or series of systems – which may or may not be linked to one another – that facilitate exchange, transaction applications and actions amongst banking institutions, merchant services providers, consumers and other related entities.

Online Debit Card

These cards usually are enhanced ATM (automated teller machine) cards that work the same as they would in an ATM transaction.

Online Financial Transaction

A transaction that is authorized, cleared, and settled in a single online message.

Online Storefront

A commerce-enabled Web site available on a public network, such as the Internet, that offers goods and services for sale. An online storefront is the equivalent of a store or place of business that a customer would visit to purchase goods and services.

Open To Buy

See Open To Buy Amount.

Open To Buy Amount

The amount of available credit on a cardholders credit card account.

Open Web Application Security Project

An open project that support internet based security practices for developers.

(see http://www.owasp.org)

Operating Account

The deposit account established and maintained by the Sales Analyst at an ACH receiving depository institution for the purpose of debiting and crediting the Sales Agent for all amounts due to the Sales Agent in commissions.

Operating Procedures

The then-current manual prepared by Processor, containing operational procedures, instructions and other directives relating to Card transactions. The current Operating Procedures are set forth in the Program Guide.

Operator

A central facility that distributes and settles ACH transactions electronically.

Order Number

A 17 character alphanumeric field that may be used between the Cardholder and the Merchant for accounting or tracking purposes.

Original Draft

The original copy of the sales draft and signature for a transaction.

Original Transaction ID

The transaction ID used to process a secondary transaction like delayed capture, credit, or void.

Originating Depository Financial Institution

The financial institution that sends ACH transactions through the ACH network on behalf of customers.

Originator

A third party business that enters transactions into the ACH network on behalf of a customer.

OTC

See Over the Counter.

Over Limit

This refers to a cardholder\'s account that has surpassed its credit limit with a transaction. (Their outstanding balance is beyond their credit limit.)

Over the Counter

Over the counter – or OTC – refers to a merchant and a respective merchant bank account that a business owner has in which actual credit card sales drafts are submitted to their local bank for payment.

Overhead

Business expenses—such as property taxes, utilities, and insurance—that are not directly connected to the goods or services you produce.

Overlimit

See Over Limit.

OWASP

See Open Web Application Security Project.

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Not only did PE Systems find that we were being overcharged, they pointed out very simple changes that we could do, that would keep us at the lower rates.
Clatsop Community College

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Clatsop Community College
1653 Jerome Avenue
Astoria, OR 97103-3698

To Whom It May Concern:

For years we suspected that we were being overcharged by our credit card processor. However, no one here had the time or knowledge to get at the details behind our monthly processor charges. PE Systems Inc. stepped in and found the information for us. They then negotiated with our processor to get us the lowest rates possible. Additionally, they got the credit card processor to refund some of the overcharges. Not only did PE Systems find that we were being overcharged, they pointed out very simple changes that we could do, that would keep us at the lower rates.

I strongly recommend the services of PE Systems Inc. if you wish to be assured that you are receiving the best credit card processing rates possible for your business.

Sincerely,
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