Internet Merchant Account
This special type of account is required for merchants who wish to sell goods and services over the Internet and accept credit cards as payment. This type of account is different than a traditional merchant account and is considered card-not-present.
|
|
|
Issuer
A bank that provides credit cards to consumers.
|
|
|
Keyed Transaction
A transaction that involves keying in the credit card account number using a computer or terminal. Keyed transactions are used in card-not-present environments such as MO/TO and Internet-based businesses.
|
|
|
MasterCard®
An association of banks that governs the issuing and acquiring of MasterCard credit card transactions and Maestro debit transactions.
|
|
|
Merchant
A retailer, or any other entity (pursuant to a Merchant Agreement), that agrees to accept credit cards, debit cards, or both, when properly presented.
|
|
|
Merchant Account
A commercial account that enables a business to accept credit cards, debit cards, and other forms of electronic payment.
|
|
|
Merchant Agreement
A written agreement between a merchant and an acquiring bank containing their respective rights, duties, and warranties with respect to acceptance of the bankcards and matters related to bankcard activity.
|
|
|
Merchant Identification Number
A unique number that is assigned by the acquiring bank to identify a merchant.
|
|
|
MO/TO
Mail Order/Telephone Order credit card transactions.
|
|
|
Non-Qualified
A broad term that describes a transaction that did not interchange at the best rate because it was entered manually, was not settled in a timely manner, or the data set required for the best interchange was not provided. Transactions involving international, government, corporate, and business credit cards are generally non-qualified transactions.
|
|
|
Open-to-buy
The amount of credit available at a given time on a credit card holder's account.
|
|
|
Payment Gateway
A system that allows the processing of payment transactions over the Internet. Payment gateways encrypt sensitive information to ensure that information passes securely between the parties involved, i.e. customer, merchant, and processor.
|
|
|
Processor
A large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.
|
|
|
|
|
