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Glossary Home >>
- A fee imposed for all card types (MasterCard, Visa American Express, Diners Club, JCB, etc) each time an authorization is requested and/ or a batch is closed.
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The standardized electronic exchange of financial and non-financial data associated with sale and credit data between merchant acquirers and card issuers on various types of MasterCard and Visa transactions.)
- A fee paid by an acquirer to an issuer for transactions entered into interchange. The interchange fee is a percentage applied, according to Visa/MasterCard regulations, to the dollar value of each transaction. There are multiple categories of interchange, and Visa and MasterCard each have their own criteria for their own categories. A transaction must meet the specified criteria for a category in order for that category's rate to be applied. Each transaction is evaluated individually, so various interchange rates may apply within one batch of merchant transactions.
- Internet merchants are not just those who have ecommerce websites. They can also be those who turn their personal computers into "virtual terminals" and process credit cards over a secure server. These merchants will receive keyed rates because the credit card information is 100% keyed into the computer. Keyed rates are higher than swiped rates because more risk is involved in not being able to check the ID of a customer. To decrease risk, the secure server (gateway) portal requires specific information to help identify if the customer is really the cardholder. The billing address for the credit card is requested, as is the expiration date of the card, and the 3 to 4 digit code on the front or back of the credit card. Transactions where this data matches the card will receive a lower keyed rate than when the data does not match the card, as those transactions are more risky and possibly fraudulent.
You will have to pay an additional fee as an Internet merchant account holder. This additional fee is the Secure Gateway Fee. Both ecommerce and virtual credit card merchant account holders have this additional fee, as the cardholder's information will be passing over the Internet for processing in each case. The gateway keeps cardholder data private and secure from hackers and identity thieves. Rock Bottom Merchant Accounts uses Authorize.net as its gateway provider. Authorize.net is a PCI DDS (Payment Card Industry Data Security Standard) compliant company, so you know you are getting the best with this merchant account service.
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Internet Service Providers (ISPs) are the Web Site Hosting companies that provide a home for merchant’s web sites. They typically resell and/or support the services of a Secure Gateway Provider and/or ISO or Agent or Bank.
- The financial institution that extends credit to a cardholder through bankcard accounts. The financial institution issues a credit card and bills the cardholder for purchases against the bankcard account. Also referred to as the cardholder's financial institution.
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