o
ssary of Mer
chant Acc
ount Services Terminolo
ssary of Merchant Account Services Terminolo" href="http://customersdeals.com/feed//sk/wedding_gift_for_bride.htm" />
ossary of Merchant Account Services TerminoloAuto Close: A function of POS credit card processing machines built into the programming of the equipment or software that facilitates automatic end-of-day batch closing (settlement) at a pre-arranged hour, eliminating the need for the merchant to manually perform batch settlement daily.
Average Ticket (Average Sale): The average dollar amount of a Merchant's typical sale. Calculated by dividing total sales volume by number of sales. Average ticket may impact initial underwriting conditions as well as merchant account rate costs. Monitoring of average ticket activity by the processor frequently serves as a security and fraud prevention tool.
Bankcard: A credit card issued by an institution with an Aquirer license from Visa and/or MasterCard. Not to be confused with T&E cards such as American Express, Diners Club and others which generally are issued directly from their respective operations rather than through banks.
Batch: The accumulation of captured (approved) credit card transactions, both sales and credits, typically one day's worth of transactions, in the Merchant's credit card processing machine or POS terminal awaiting Settlement. Also read Settlement.
Batch Header Fee: An add-on fee some processors charge the merchant each time they batch out or "settle" their daily accumulation of transactions in their POS credit card processing machines.
Capture: Converting an authorized electronic credit card transaction into a billable transaction record within a batch thus permitting the merchant to settle the batch and ultimately receive funds for those sales. Also read Settlement.
Card holder: An individual whose name is embossed on a valid credit card and any authorized user of such card.
Card Association: MasterCard International, Visa USA, Visa International, and any other bank card association or network.
Card Not Present: A credit card transaction in which the card is not physically present at the time the transaction is processed; for example, an internet ecommerce credit card processing transaction or a mail order/phone order (MOTO) transaction. In this case, instead of swiping the card through the card reader of an electronic device, the credit card data is manually entered into the terminal, which results in a surcharge over and above the normal fees the merchant pays to process that transaction. Also read Interchange.
Chargeback: A credit card chargeback is a previously processed transaction that is reversed (charged back) to the Merchant, typically as a result of either the customer or the customer's bank finding something 'wrong' with the transaction generally within the mandated chargeback period. Charge backs are initiated by the card issuer on behalf of the card holder and are subject to strictly defined rules and procedures stemming from Card Association (Visa and MasterCard) regulations, Regulation Z Truth in Lending laws, and other sources. Also read the WHAT IS A CHARGEBACK page on this website.
Check Verification: a process in which a check writer is electronically checked against a database of check writers who have a history of writing bad checks, have had their bank account closed as a result of bad check writing, or are otherwise an undesirable check-acceptance risk. Also read Check Guarantee.
Check Guarantee: Takes the check verification process one step further and guarantees that the check is good by reimbursing the Merchant if the check bounces, subject to the terms of the Check Guarantee agreement. Available for both POS face-to-face environments, and e-commerce environments. For more information, read the Check Services page on this website.
CISP: Stands for "Card holder Information Security Program". Find more information here. Also read PCI.
CVV2/CVS2: A three digit numerical value printed in the signature block of a Visa or MasterCard consumer card; a security feature designed to crosscheck the information embossed on the card. Visa and MasterCard have different designations for this feature, as follows. (To learn how to find the C V V number on a credit card click here )
Visa CVV 2 (Card Verification Value)
MasterCard CVC 2 (Card Verification Code)
Close Batch: The process of transmitting a batch for settlement, which results in the funding of the Merchant bank account. May be auto or manual close. Also read Settlement.
oCustomersdeals Sk Wedding Gift For Bride Discover Easy Guarantee Health Love Money New Proven Results Safety Save You Customer Deals Glossary of Merchant Account Services Terminolob Love p Proven New
fCustomersdeals Sk Wedding Gift For Bride Discover Easy Guarantee Health Love Money New Proven Results Safety Save You Customer Deals Glossary of Merchant Account Services Terminoloo Money Discover