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| Industry Information |
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Merchant Account An account set up specifically to process credit card transactions. Discount Rate The percentage rate that is charged to a merchant to process a credit card transaction. Visa USA The governing body that sets and enforces credit card transactions that are processed under the Visa label. MasterCard International The governing body that sets and enforces credit card transactions that are processed under the MasterCard label. Retail Merchant A merchant that primarily swipes the majority of their cards through their merchant terminal. MOTO Merchant A merchant that primarily processes either Mail Order or Telephone Order transaction Card Swipe The act of sliding a credit card through the reader on a terminal to obtain account information to process a transaction Hand Keyed The act of entering a credit card number into a terminal manually POS System Point of Sale system – usually a computer driven transaction interface Chargeback A process by which a consumer can dispute the validity of a credit card transaction Merchant Statement The report, usually provided monthly, that summarizes the credit card processing activity Basis Point 1/100 of a percent. 100 basis points equals 1 percent Transaction Fee A set amount that is charged to a merchant each time a card is authorized 3rd Party Processor A company that processes credit card transactions on behalf of a bank ISO Independent Service Organization MSP Merchant Service Provider Amex American Express is a private label Travel and Entertainment card Discover Discover Card is a private label Travel and Entertainment card Check Svc A business whose primary focus is to guarantee checks written to merchants Gift Card A private label card used like an electronic gift certificate |