| 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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| 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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| 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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