West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-13 - Procedures for Providing Services to Political Subdivisions › Section 112-13-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "ACH" means
				automated clearinghouse, a national EFT network which enables participating
				Financial Institutions to distribute electronic credit and debit entries to
				financial institution accounts and to settle the entries.
2.2. "Card Issuer" means a financial
				institution or other business issuing a charge, credit, or debit
				card.
2.3. "Charge card" means a
				card (usually plastic) issued for the purpose of obtaining money, property, or
				services on credit, with the full balance due at the end of each statement
				period.
2.4. "Convenience fee"
				means a fixed rate charge assessed to a charge, credit, or debit card or
				electronic payment to help defray the cost of processing a
				transaction.
2.5. "Credit card"
				means a card issued for the purpose of obtaining money, property, or services
				on credit with the full balance or minimum payments due at the end of each
				statement period. Interest is assessed on the unpaid balance.
2.6. "Customer" means any person or entity
				purchasing from a political subdivision.
2.7. "Debit card" means a card issued for the
				purpose of obtaining money, property, or services with the amount charged
				directly to the holder's financial institution account.
2.8. "Discount fee" means the charges
				assessed to the merchant on the total sale by charge, credit, or debit card by
				a card issuer for accepting its card.
2.9. "Electronic Commerce" means the
				processing of transactions by electronic techniques, including, but not limited
				to, the telephone, IVR, POS terminal, internet, electronic payment, virtual
				terminal, and online transaction processing.
2.10. "EFT" means electronic funds
				transfer.
2.11. "Electronic
				payment" means an EFT, including, but not limited to, payment by ACH, ACH based
				electronic check, wire transfer, and online transaction processing.
2.12. "Financial institution" means a state
				or national bank or a state or federal savings and loan association.
2.13. "Internet" means the computer-based
				global information system linking computer networks all over the world by the
				use of internet protocol suite (TCP/IP).
2.14. "IVR" means a telephone interactive
				voice response system.
2.15.
				"Lockbox services" means the process by which payments and remittance forms are
				mailed to a post office box, retrieved, and processed, and by which the moneys
				are then deposited into a financial institution account.
2.16. "Merchant" means any political
				subdivision accepting payments by charge, credit, or debit cards.
2.17. "Political subdivision" means a county,
				municipality, board of education, RESA, corporation, or instrumentality of one
				or more counties or municipalities, and any other government
				organization.
2.18. "Point of sale
				terminal" or "POS terminal" means a device used for the primary purposes of
				transferring moneys to or from a financial institution account or segregating
				moneys in accounts within a financial institution, or both, for transactions,
				including, without limitation, devices used to implement and facilitate check
				guarantee and check authorization.
2.19. "RESA" means a West Virginia regional
				education service agency authorized in W. Va. Code §
									18-2-5b.
2.20. "Service Fee" means a fixed or variable
				rate charge assessed to a charge, credit, or debit card or electronic payment
				to help defray the cost of processing a transaction.
2.21. "Services" include, without limitation,
				charge, credit, and debit card approval and clearing; EFT; internet ACH debit;
				lockbox services; POS activity; ACH batch processing; website development;
				website hosting; database management; remote data capture; and
				consulting.
2.22. "STO" means the
				West Virginia State Treasurer's Office.
2.23. "Transaction" means one purchase or
				payment.
2.24. "Treasurer" means
				the West Virginia State Treasurer or his or her designee from the Treasurer's
				office.
2.25. "Virtual Terminal"
				means a web-browser based access to an acquirer, processor, or third-party
				service provider website to authorize payment card transactions where the
				merchant manually enters payment card data via a securely connected web
				browser. Unlike physical terminals, virtual terminals do not read data directly
				from a payment card.
2.26. "Wire
				transfer" means a type of EFT in which a bank to bank transaction occurs in
				real time.