Glossary of Terms

Sales Slip (Draft)

Paper forms that merchants give to cardholders as evidence of purchases or credit/returns made to the cardholders credit card accounts. Sales slips are also referred to as charge slips, sales drafts, or sales tickets.

Settlement

The process by which the merchant transmits authorized transactions to the acquirer for payment.

Setup Fee

This is a one time fee to set up the merchant account. The fee generally ranges from $49 to $99.

Split Sale

Preparation of two or more sales drafts for a single transaction on one card account in order to avoid authorization procedures and/or to circumvent the applicable floor limit.

Standard Industry Code (SIC)

A classification code identifying the merchant's business type with Visa.