The merchant process that ensures they receive payment for their transactions at the end of each business day The financial data that merchants and cardholder banks exchange includes cash disbursements, merchandise credits, and sales transactions.
The amount posted against the payment method of credit card transactions for charges or refunds and sent to the Card Processor or ACH network The settlement amount may be less than or equal to the originally authorized transaction amount.
Merchant account fees required to establish an account Setup fees include application fees, equipment or device purchases, and software licensing fees.
A software or internet company that supplies payment form and e-commerce tools to merchants who sell their products and services via websites.
A plastic, electronic payment card with a chip that allows purchases up to the value on the card Smart Cards are also called a pre-paid cards. The value of the card is stored electronically.
|Secure Socket Layer (SSL)||
An encryption system that allows data to be submitted via the Internet Secure Socket Layer (SSL) are used for the following purposes: to send e-Commerce transactions and passwords to allow client and server computers to exchange information such as public keys to encode and decode the communication.
|Stored-value Cards (Gift Cards)||
A branded card with a predefined value that is valid for purchase only at the branded store Stored-value cards are similar to a debit card, but a stored-value card is not issued to a specific cardholder. If a stored-value card is lost, anyone may use it to make purchases at the branded store.
|Swipe Discount Rate||
The fee charged by merchant account providers to Card Present merchants Card Present fees are generally lower than Card Not Present (CNP) fees because when a physical card is used to make a purchase, merchants are able to perform fraud checks identify misuse match the customer’s signature with the signature on the back of the credit card.