Chip card
Commonly known as a smart card, is a plastic card with a microchip on it. When coupled with a chip card reader, this combination has the processing power to perform complex operations well beyond the capabilities of magnetic stripe cards.
EMV
EMV stands for Europay, MasterCard, Visa Specifications and is a technical specification that has been developed by Europay International, MasterCard International and Visa International. It outlines the interaction between chip (smart) cards and terminals to ensure worldwide inter-operability
3DES
3DES, also known as Triple DES, stands for Triple Data Encryption Standard, which is a strong form of encryption. This provides further protection for cardholder PINs when transmitted over the Paymark network. DES is an algorithm (a mathematical equation) that is used to encrypt data. The data fed through DES encryption is encrypted once using a secret key. With 3DES, three stages of DES encryption are applied, with separate, secret keys for each stage.
ETSL
Electronic Transaction Services Limited (ETSL) - the organisation that processes 85% of all electronic transactions in New Zealand and responsible for bringing EFTPOS technology to the nation.
Multi merchant
Multi-merchant systems enable several independent businesses access to eftpos services - the perfect solution for medical centres or any combined business or co-operative.
E-Pay
e-pay offers a new way to top-up mobile phones and other prepaid telecommunications products. e-pay allows retailers to top-up a customer's prepaid mobile phone in a matter of seconds with online electronic purchase or via an electronic voucher, without the risks and stocking issues associated with paper or plastic recharge cards.
Point of Sale
Point of sale (POS), is a business or place where a product or service can be purchased.
Thermal Printer
A printer that produces characters by applying heat to special paper that is sensitive to heat. Used in eftpos machine and other POS machines
PLU
Product Look Up code that is held against each product.
Pre-Authorisation
Pre-authorisation is also known as deferred payments or deferred processing. When shoppers purchase from your, pre-authorisation reserves the funds against the credit or debit card used, rather than taking full payment immediately as with full-authorisation - the processing and payment are deferred until such time as you (the merchant) manually complete the transaction.
Paymark
The Paymark represents the only national mark of electronic payment security over a multiple of channels such as EFTPOS, credit card and the internet space.
The Paymark is your stamp of electronic payment approval. When ever you see this symbol you can be sure your transaction is being carried safely and securely to your bank. The Paymark is fully owned and supported by four of the major banks of New Zealand - ASB BANK, Bank of New Zealand, The National Bank and Westpac, therefore the standards and security measures behind this mark are very high.
