Glossary - O
Offline: An operating mode in which a card acceptance device is not connected to a central computer source. Responses are administered by the parameters or guidelines set within the terminal or supporting device as defined by the issuer. The accessibility of information is not in a live environment, meaning that current active files are not being viewed during the time the transaction is conducted.
Online: An operating mode in which a card acceptance device is connected to a central computer system and has access to the database for authorization, inquiry, and file changes. Live files are accessed for each transaction. For authorization, an operating mode in which members are directly connected to the Banknet network via a MIP or their host computer. Live files are accessed for each transaction.
Opt-in: A term commonly used in news groups and email. You can opt-in to receive emails on a certain subject. Example: By establishing an opt-in on your Web site, you can send customers an email when you have a promotion or sale.
Other Charges: These charges may be listed on your bill and can include: the annual membership fee or late payment fees.
Overdraft Agreement: Some issuers allow you to link your credit card to a checking or savings account you have open with that bank. When you sign an overdraft agreement and bounce a check, the bank is able to charge that amount to your credit card account and the check will clear. In turn, you avoid a returned-check fee.
Overhead: Business expenses, such as property taxes, utilities, and insurance, which are not directly linked to the goods or services you produce.
Over-the-limit fee: This fee occurs when the cardholder charges more than the credit limit allows. You may be charged an over-the-limit, or over-credit-limit, fee. Your card issuer may allow you to exceed your credit limit without telling you in advance, and you may not know you have exceeded the limit until you receive your bill.
O.W.A.S.P: Stands for:Open Web Application Security Project