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| Term | Definition |
|---|---|
| ABA Routing Number |
Also referred to as a Transit Routing Number. Directs electronic ACH deposits to the proper bank institution. |
| 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. |
| 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. |
| 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. |
| Adjustment |
A debit or credit to a Cardholder or Seller account to correct a transaction error. |
| 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. |
| 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. |
| 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. |
