Merchant Account Glossary - P

PC Authorize
See "Tellan."

Personal Identification Number (PIN)
This is the number that is assigned by the bank to cardholders for identification purposes. It can be used as an electronic signature so that ATM transactions and debit card transactions may take place without the card holder’s written signature. PIN numbers are also used in online payment processing.

Pin pads
This is a small box-type terminal attachment with a 10-key pad. They are used so that a cardholder may enter their PIN number and are commonly used for debit card transactions.

Point of Sale (POS)
Point of sale is the physical location where the sale is completed, normally referring to the POS terminal which is the credit card terminal equipment.

PTC Software
PTC software is a ETC type 7 software product.

Purchase Cards
Government agencies or corporations may issue their employees Purchase Cards. A Purchase Card is a credit card, but unlike a regular credit card it can only be used at certain types of merchant locations.