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Address
Verification System (AVS)
- Checks to see that the billing address
given by the customer matches the credit card. If
you opt not to use AVS, VISA and MasterCard will
not support your transactions and will charge you
an additional 1.25% on those sales. Most merchant
accounts come with AVS at no extra charge.
Automatic
Check Handling (ACH) - ACH can also mean
Automatic Clearinghouse. ACH is a form of
epayment or electronic payment. There are two
ways payments can be transferred: (1) by wire
transfer, or (2) through an automated
clearinghouse. Wire transfer is an e-payment
system that is designed to handle high-dollar,
time-crucial payments, usually between large
banks. ACH is designed to be an e-check or
electronic check. Unlike the wire transfer, it is
usually used to process higher volumes or
small-dollar payments for settlement issues
within 1 to 2 business days. All ACH transactions
are settled pretty much the same way checks are.
The clearinghouse takes all of the ACH files
received daily from member banks, it then divides
them by the originating bank (where the check was
either cashed or deposited) and the paying bank
(the bank where the check was drawn), then it
totals the accounts, and credits or deducts the
accounts accordingly.
Acquiring
bank - A bank that provides and
e-business with a credit card merchant account.
The acquiring bank transfers credit card and
other purchase information to a credit card
association, and they in return forward it onto
an issuing bank.
Authorization
- This is the process where permission is
granted by the card issuer (the financial
institution) allowing the payment transaction to
proceed. It is during this process that the
issuing bank checks that the available credit on
the card is not exceeded.
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Batch
- Is a collection of credit card
transactions that are saved for submitting at the
end of the business day.
Batch
Close - The process of sending a batch to the
financial institution for settlement.
Bank
card - A plastic card that is accepted
by merchants. They are used to credit an account
for processing a sales transaction. The credit
card is the most common form of a bank card.
Biometrics
- The measurement of a living trait used to
control access. Refers to the interpretation of
personal traits for access control purposes in
place of password or ID verification systems.
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Credit
card - This is a type of bank card that
can be widely used all around the world as a form
of payment. The credit card holder must then
reimburse the credit card company for the amount
of the total sales the holder had charged on that
particular credit card.
Chargeback - This
is a fee that is charged by a merchant service
provider against a merchant account, for credit
card transactions that have to be removed from a
merchants account.
Capture
- This is the submission of a credit
card transaction for processing and settlement.
Cardholder
- An individual or business that has
established an account with a credit or debit
card issuer. A cardholder is eligible to initiate
a payment card transaction.
Credit
card processors - They handle all of the
details of processing credit card transactions.
Card
Verification Value (CVV2) - Three-digit
security number that is printed on the back of
most Visa credit cards. Requiring
this number on order checkouts can reduce credit
card fraud and chargeback instances significantly
when used in addition to AVS protection.
Card
Verification Code (CVC2) - Numeric
security code that is printed on the back of MasterCard
credit cards. Requiring this number on order
checkouts can reduce credit card fraud and
chargeback instances significantly when used in
addition to AVS protection.
Certificate
Authority (CA) - This is the service a bank
provides that digitally signs public keys sent to
it by a web browser or by the merchant's server
software. It issues and validates digital
certificates associated with SET transactions.
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Discount
rate - This is a fee that the major
credit cards charge for handling a transaction.
Digital
Cash - Two main mechanisms in that
"digital coins" can be downloaded to
the user's PC from a participating bank, or the
set up of a digital money account with a bank.
Both (encrypted) forms of cash can be sent to
merchants for payment.
Digital
Certificate - Online identification that
authenticates a consumer, merchant and a
financial institution. Digital certificates are
used to encrypt information exchanged in SET
transactions. A certificate is a public key that
has been digitally signed by a trusted authority
(the financial institution) to identify the user
of the public key.
Digital
Money - The same as digital cash but can also
involve the use of software-based secure credit
card transactions.
Digital
Signatures - An electronic signature, which
cannot be forged. Instead it is generated from a
computed digest of the text that is encrypted and
sent with the text message. The recipient
decrypts the signature and retrieves the digest
from the received text. If the digests match, the
message is authenticated and proved to be from
the sender.
Digital
Wallet - Software that provides the
equivalent of a wallet for electronic commerce. A
digital wallet, or e-wallet, holds digital money
that you purchase similar to travelers' checks. A
wallet may also hold your credit card information
along with a digital certificate that identifies
you as the authorized cardholder.
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E-commerce
- The processing of buying and selling
via the Internet.
Electronic
Wallet (E-Wallet) - Software, residing as a
plug-in in the Web browser, that enables a
cardholder to conduct online transactions, manage
payment receipts and store digital certificates.
Like your real wallet, your digital wallet stores
your credit card number and shipping details.
This wallet initiates the data encryption in a
SET transaction.
Electronic
Data Interchange (EDI) - The electronic
communication of business transactions, such as
orders, confirmations and invoices.
Electronic
Funds Transfer (EFT) - The transfer of
money initiated through an electronic terminal,
automated teller machine, computer, telephone, or
magnetic tape. EFT also applies to credit card
and automated bill payments.
Electronic
Data Capture (EDC) - To use a Point Of
Sale (POS) terminal for submitting credit card
transaction information to a merchant account
provider.
Encryption
- Scrambling of an electronic message
(usually e-mail) in a way that only the sender
and receiver can read the message.
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Factoring
- When used in e-commerce, the term is
applied to companies that offer to process credit
card transactions through their own merchant
account rather then having the merchant purchase
their own, in exchange for a percentage of the
transaction. This is an illegal practice and will
result in heavy fines. Also known as credit card laundering.
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Gateway
- See payment gateway.
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Holdback
- Also referred to as a reserve. This is
a fee held back from a merchant's credit card
transactions to cover any possible charge backs,
and other disputed charges that a merchant may
encounter. Usually, after a time, the hold backs
are returned to the merchant.
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Issuing
bank - Also known as an
"Issuer". This is the bank that
maintains a consumer's credit card account and
will pay out to a merchant's account when the
consumer makes a credit card purchase. At the end
of the month the issuing bank will bill the
customer for the debt.
Internet
commerce - A term that covers all
commercial transaction activity on the Internet.
Independent
Sales Organization (ISO) - This is an
organization that processes merchants online
credit card transactions in exchange for a
percentage of the sales or transaction fees.
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Laundering
- The practice of using another company's credit
card merchant account to process your credit card
transactions. This is an illegal practice that
will lead to heavy fines and perhaps more.
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Merchant
account - An account that is established
by a merchant to receive payment via credit
cards.
Merchant
Identification Number (MID) - A number
provided by a merchant bank to identify the
merchant in an e-commerce transaction.
M-Commerce
- A term used to represent wireless
e-commerce or the ordering of goods via wireless
solutions like cell phone's, pocket PC's, PDA's,
etc.
Merchant
- Collective term applied to Web-based
eTailers who may have online storefronts.
Merchant
bank - This is the bank that holds the
merchant account. When someone buys a product
and/or service from a merchant, the merchant bank
will place the needed funds into a merchant
account in exchange for the right to collect the
debt that is owned by the purchasing consumer.
Mail
Order/Telephone Order (MOTO) - MOTO is a
short version to describe businesses that conduct
sales via mail and telephone/fax.
Merchant
Service Provider (MSP) - This is a bank
or other firm that provides processing for credit
card transactions. Most MSP's provide merchant
accounts.
Monthly
minimum - This is the amount of fees you
must meet each and every month, usually $25. If
month sales do not make the monthly minimum the
merchant account holder must make up the
difference.
Merchant
Account Provider (MAP) - Either a bank
or other institution that will host a merchant
account and process credit card transactions.
Micropayments - The
payment acceptance method used by merchants who
offer products, services, or information for a
few cents to a few dollars. Processing these
small payments with a merchant account would
significantly reduce the amount of profit you
would gain from the sale.
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Point
Of Sale terminal (POS) - Electronic
device used by retail businesses to process
credit card transactions. If the customer is
present, they swipe or slide their credit card
through the machine.
Personal
Idenification Number (PIN) - Used to
identify a person attempting to use a credit
card, or other type of bank card. Can be either
an alphanumeric or numeric code.
Processing
bank - The bank that processes the
transaction once a credit card number is entered.
Payment gateway -
This is the code that will transmit a
customer's order to and from a merchant's bank
transaction authorizing agent.
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Recurring
fees - Usually means fees that are
billed each and every month.
Real-Time
processing - The processing of a credit
card transaction immediately after the purchase
has been made. Real-Time is the preferred choice
for Internet-based merchants.
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Secure
Socket Layer (SSL) - Used to encrypt and
protect data usually on an order from an online
merchants web site. Once the order has reached
its destination the encrypted data is decoded.
Secure
Electronic Transactions (SET) - A secure
payment protocol developed by MasterCard and Visa
designed to ensure security for bank card
transactions over the Internet. In denying
merchants access to credit card information,
details are secured between the shopper and the
bank.
Settlement
- The step in the clearing process when the
acquirer credits the merchant account with the
amount of a credit card purchase, and the
bankcard association (such as Visa and
MasterCard) credits the acquirer and debits the
card issuer for the transaction.
Setup
fees - A fee that is charged by a
merchant services provider for establishing a
merchant account.
Shopping
cart program - Software used to aid
customers when ordering a number of
products/services from a merchants web site.
Smart
cards - Similar to a credit card, but
has a small microprocessor built-in to the card
that holds information about the cardholder.
Shopping
Basket - As you shop online, you add items to
your 'virtual' shopping basket. The basket is
simply a list of the items you have selected to
buy, together with the necessary details (number
selected, price of each item etc). You can review
what's in your basket at any time as you shop.
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Turn-key
- A solution a firm offers in which they
provide an individual with a fully e-commerce
enabled web site. Usually complete with shopping
cart, web design, hosting and merchant account.
Transaction
- This is any action between a cardholder and
a merchant that results in activity on the
account, such as an authorization and settlement.
Merchants and financial institutions also conduct
follow-on transactions that affect the
cardholders' account, such as a capture and
credit.
Transaction
fee - A fee charged by a merchant
account provider for each credit card transaction
completed.
T-Commerce
- The ability to order certain products
and/or services right directly from your
television. Still a very new concept that is
being tested in Europe.
Terminated
Merchant File (TMF) - Merchants with
excessive chargebacks are stripped of their
merchant account and the ability to accept credit
card orders. The merchant is then placed on the
TMF match list that all Merchant Service
Providers have access to. Being placed on this
file can keep you from obtaining another merchant
account for several years.
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U-Commerce
- Stands for "Universal
Commerce". The ability to conduct secure
commerce anywhere, anytime, with any type of
device.
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Visa
PAS (Payment Authentication Service) - Under
Visa's PAS, cardholders must authenticate
themselves by verifying their identity with a
password when buying from a Web storefront. The
ultimate aim is to secure merchant databases
against compromise by hackers, and to
password-protect card numbers that may be stored
in a database.
