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ABA Routing Number
Also referred to as a Transit Routing Number. Directs electronic ACH deposits to the proper bank institution.
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ACH (Automated Clearing House)
The paperless funds transfer system maintained by the Federal Reserve or other entities that have networks to exchange
electronic funds transfer items.
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Acquirer
Any bank, financial institution, and public or private company that maintains a Seller's credit card processing relationship
and receives all transactions from the Seller to be distributed to the credit card issuing banks.
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Address Verification (AVS)
A service provided in which the Seller verifies the Cardholder's address with the Issuing Bank. Address verification is
not a guarantee that a transaction is valid. Address Verification System (AVS) compares the billing address information
provided by the customer online with the billing address on file at the customer's credit card issuing bank. The Payment
Gateway reports the AVS response code to you, the Merchant, (match or no match) and, after screening for the AVS response
codes that you have chosen to allow pass through the system, accepts or rejects transactions accordingly.
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Adjustment
A debit or credit to a Cardholder or Seller account to correct a transaction error.
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Arbitration
The process followed by the Card Associations to determine whether an Issuer or an Acquirer has ultimate responsibility
for a chargeback. Either member initiates this process after the re-presentment process is completed.
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Associations
Any entity formed to administer and promote credit cards, including but not limited to MasterCard International®, VISA®,
U.S.A., or VISA International®, that are licensing and regulatory agencies for credit card activities.
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Authorization
Approval of a bankcard transaction by the card-issuing banks or approved independent service providers, for a specified
dollar amount. An authorization indicates only the availability of the card member's credit limit at the time the authorization
is requested.
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Back-end Processor
A data processing company that contracts with Acquirers to provide communication and processing systems that connect with
the interchange systems for clearing and settlement services on behalf of those Acquirers. (In some cases the Acquirer
may act as its own back-end processor.)
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Bankcard
Any valid card issued by a Card Association or other card-issuing organization that is presented in payment for goods and
services or to obtain cash advances.
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BIN (Bank Identification Number)
The 6-digit range of numbers assigned by the Federal Bureau of Standards and used by card companies to identify their financial
transactions. The DIscover® range begins with '6' (6xxxxx), the MasterCard® range begins with '5' (5xxxxx), and
the VISA® range begins with '4' (4xxxxx).
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Card Association
Any entity whose members issue credit or debit cards or acquire card payment transactions on behalf of their customers.
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Cardholder
A person or entity that is issued a credit or debit account that is accessed through the use of a card.
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Chargeback
Any disputed credit or off-line debit card sale that is returned to the Acquirer for reimbursement to the Cardholder's
account. (The return of a sale that has previously been charged to an Issuer and subsequently to its Cardholder.)
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Clearing
The transfer of data between Issuers and Acquirers.
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Credit Slip
A paper or electronic representation of credit that is issued to a Cardholder on a prior credit card sale.
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Card Code Verification
Card Code (CVV2 - CVC2 - CID) is a three-digit security code that is printed on credit cards.
The value appears in reverse italic at the top of the signature panel on the back of the card (Visa,
MasterCard, Discover), or on the front of the card just above the end of the credit card number (American
Express). These
additional numbers provide an
extra
measure
of
security
against unauthorized credit card transactions. The credit card would need to be present for the purchaser to know
the Card Code number, as it is not stored on any system outside of the credit card issuer. The Payment Gateway
allows you to customize your account so that the system rejects transactions where the Card Code provided by the
cardholder
is invalid. By using Card Code verification, you are able to make a more informed decision about whether to accept
a particular credit card transaction.
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Discount Rate
A fee associated with collecting, assessing, approving, processing and settling credit card transactions. The
SecureSourceSM payments service reflects Discount Rates that include the RiskAssessorSM system.
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Factoring
One Seller's depositing to its account drafts that have originated from the sales of another Seller, generally one that
cannot obtain a Seller account in its own name.
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Fees or Seller Fees
Sellers are charged several types of fees for screening and processing online payments. Fees for products and services
include, but are not limited to costs for the following:
- Monthly Online Seller Account
- Discount rate
- Per item charges for credit card and electronic check transactions
- Chargebacks
- ACH returns
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Front-end Processor
A company/vendor that provides communication and data processing services for authorization of card payments and the transfer
of data between Sellers point of sale equipment to the back-end clearing and settlement processor. The SecureSource
payments service has a proprietary, or in-house front-end processor.
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Future Services
Any sale in which the complete product or service is not delivered at the time of the sale transaction. The term may apply
to either face-to-face transactions or mail/phone orders.
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Fulfillment
An Acquirer's notice, sent in its outgoing clearing record, that the requested draft has been supplied, either through
the appropriate Card Association's online or fax systems or by registered mail.
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Interchange Network
An electronic network maintained by DIscover®, MasterCard® or, VISA® that exchanges data relating to the value
of card sales and credits among Issuers and Acquirers.
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Interchange Fees
Fees generally collected from Acquirers on the value of their card sales and paid to Issuers.
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Issuer
Any Discover®, MasterCard® or, VISA® member, or a commercial organization that establishes and maintains customer
credit lines that are accessed through the use of a card. (Public and private companies and financial institutions that
offer card-accessed lines of credit to consumers and businesses.)
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MasterCard®
A registered mark for MasterCard International, Inc.
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MATCH
A shared database maintained by the Card Associations that lists all Sellers terminated for cause by Acquirers.
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MCC or MCC Codes
Special numbers assigned by the Card Associations to Seller types for identification and tracking purposes. MasterCard® uses
MCC (Seller Category Code), while VISA® uses SIC (Standard Industry Codes).
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Payment Gateway or Gateway
An Internet service that transports credit card information from a computer terminal or Web site to the credit card processor,
where it can be verified.
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Re-presentment
The process of providing data to (a) reverse a chargeback to the Issuer or (b) make additional requests for the Acquirer
to reimburse the Cardholder's account.
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Sales Draft
The paper or electronic evidence of a purchase.
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Seller or Online Seller
An individual or business that sells products or services and is capable of accepting payment for products and services
via a Seller account.
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Seller Account or Online Seller Account
The bank account a Seller identifies as the sole account from which monthly and/or transaction fees are debited.
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Seller Bank
(Acquirer or Processor) The financial institution with which a Seller contracts to accept credit cards for payment of goods
and services.
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Seller Fees or Fees
Sellers are charged several types of fees for screening and processing online payments. Fees for products and services
include, but are not limited to costs for the following:
- Monthly Online Seller Account
- Discount rate
- Per item charges for credit card and electronic check transactions
- Chargebacks
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Settlement
The process of transferring funds for sales and credits between Acquirers and Issuers, including the final debiting of
a Cardholder's account and crediting a Seller's account.
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Stand-in Processor
Discover®, MasterCard® or, VISA® systems that provide authorization services on behalf of Acquirers in case
the Issuer is unavailable to give a response.
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SIC or Standard Industry Codes
Special numbers assigned by the Card Associations to Seller types for identification and tracking purposes. MasterCard® uses
MCC (Seller Category Code), while VISA® uses SIC (Standard Industry Codes).
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Transaction
An act between a Seller and a Cardholder that results in either a paper or an electronic representation of the Cardholder's
promise to pay for goods or services received from the act.
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Unauthorized Transaction
Any sale for which a Cardholder does not provide his/her specific authorization (This should not be confused with the failure
to receive an authorization response from the Issuer.)
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VISA®
A registered mark for Visa U.S.A., Inc and Visa International, Inc.
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Voiding a Transaction
The process by which a Seller cancels a transaction prior to settling the transaction. For example, a transaction can be
voided at a Customer's request, or in the event the AVS response does not meet the Sellers criteria.
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