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Glossary Home >>
- A batch close that must be initiated by the merchant on a daily basis, as opposed to an auto close at a pre-set time.
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A business that accepts credit cards. Also a customer of a processor/acquirer.
- Merchant accounts provide businesses with the ability to accept credit card and debit card to pay for the purchases. Merchant accounts are set up, usually by the proprietor or business owner by contacting a merchant services provider.
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This number is generated by a processor/acquirer and is specific to each individual merchant location. This number is used to identify the merchant during processing of daily transactions, rejects, adjustments, chargebacks, end-of-month processing fees, etc.
- A strip of magnetic tape affixed to the back of credit cards containing identifying data, such as account number and cardholder name.
- Credit card transactions initiated via mail, email or telephone. Also known as card-not-present transactions.
- The total dollar amount of MasterCard and Visa transactions approved to be processed through a merchant account in any given month.
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