Payment Glossary

TEL (Telephone Initiated Entries)

A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over the telephone. This type of transaction may be used only in those instances where (1) there is an existing relationship between originator and consumer, or (2) in the absence of such relationship the consumer has been the party to initiate the call.

Related Terms

  • Issuer

    An issuer is the organization that issues a credit or debit card.

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  • RCK (Re-presented Check)

    An additional presentment of an eligible returned paper check through the ACH network.

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