an owner or “holder” of a credit or debit card or the person who is using a credit card to pay...
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CREDIT AND CREDIT CARDS
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An owner or “holder” of a credit or debit card or the person
who is using a credit card to pay for goods
or services
CARDHOLDER
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The institution that provides credit or a card to a customer
Examples: American Express, MasterCard,
Visa
ISSUING BANK
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The “go-between” account that acts as
an intermediary between your
business bank account and your customers’
credit accounts.
MERCHANT ACCOUNT
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Returns from a merchant account or funds that are
“charged back” to a purchaser. Chargebacks
are usually associated with fraudulent or
unauthorized transactions
CHARGEBACKS
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The penalties or fees associated with
processing a chargeback. Fees are usually calculated per-
occurrence or according to the
merchant account’s policies
CHARGEBACK FEES
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Processing a credit card transaction using a magnetic terminal. (When you use your
credit card to pay for things in person)
MAGNETIC TRANSACTIONS
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Software needed to process cards online.
Processes your information similar to that if you had swiped your card and sends
the copy to the merchant account
PROCESSING TRANSACTIONS
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The total dollar amount transferred
after a series of sales has been processed, usually at the end of
the business day
NET SETTLEMENT
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A fee assessed when a transaction fails, typically because
account information cannot be verified
PASS-THROUGH FEE