EFT Network: An electronic financial services system which links financial institutions and their customers with automated teller machines (ATMs) and merchant point-of-sale (POS) terminals to make possible a consumer electronic financial transaction. Card or Access Card: A plastic card issued on behalf of a financial institution which permits electronic access to one or more accounts. Card Issuer: A financial institution that issues cards to customers for use in performing electronic transactions. Acquirer: A network member that is responsible for the operational control of a terminal which provides transactions for customers. Merchant: An organization that enters into a contract with a POS acquirer with respect to a POS terminal located on the merchant's premises. These participants do not have membership in the network. ATM Transaction: Any of the following functions attempted by a customer at a terminal: withdrawal, cash advance, transfer or inquiry. POS Transaction: Any of the following functions attempted by a customer at a POS terminal: payment, verification, reversal, customer credit, POS balance inquiry or merchant- authorized payment. Switch: The highly advanced computer hardware and software operated by or for a network for the purpose of transmitting items and messages through the system. Terminal: A device which meets the specifications of the network and at which a transaction may be initiated by a customer. There are four categories of terminals: automated teller machines, point-of-sale terminals, scrip terminals or terminals at which both ATM and POS transactions may be performed. Processor: A data processing firm, either bank owned or third party, that is: an issuer processor, an acquirer processor or both, for handling EFT transactions. PAN: The Primary Account Number which is fully embossed and encoded on a customer card. PIN: A customer's Personal Identification Number or secret code which is selected and used by a customer at terminals as one means of identification. Surcharge or Convenience Fee: A fee imposed to certain customers by the ATM owner or POS deployer for transactions initiated at the ATM or POS device. Scrip: Paper generated by a scrip terminal that is redeemable for either legal currency or for goods and services. SOURCE: PULSE EFT Association