Qualification
A level at which a transaction interchanges. Level of qualification is dependent on how credit card number is entered, how quickly a transaction is settled, the type of industry, specific information, etc.
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Recurring Transaction
A transaction in which a cardholder has given a merchant permission to periodically charge the cardholder's account.
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Reserve
Reserves, or holdbacks, are established to help alleviate risk associated with higher-volume and higher-risk merchants. The reserve may be funded with a cash deposit or a percentage of sales.
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Retrieval Request
A request initiated by a cardholder or issuing bank for documentation concerning a transaction. A retrieval request can lead to a chargeback.
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Secure Sockets Layer (SSL)
An encryption system that allows merchants to process transactions securely over the Internet. All Applied Merchant payment gateways use SSL technology to ensure data safety.
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SIC Code
Refers to Standard Industry Classification. These codes are four digit numbers used to identify business type.
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Surcharges
Any additional charges to a merchant's standard processing fees. They are a result of non-qualified transactions of different communications methods.
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Swiped Transaction
A transaction that involves credit card information being transferred directly as a result of swiping or sliding the credit card through a card reader. Swiped cards are used in retail and other card-present situations. The information magnetically encoded in the magnetic stripe includes secret data that helps validate the card.
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Transaction Fee
A per transaction charge incurred by merchants. This is in addition to the percentage discount fees.
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Visa®
An association of banks that governs the issuing and acquiring of Visa® credit card transactions.
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Voice Authorization
An authorization that is obtained through a phone call. If the transaction is approved, the merchant is provided with an authorization code (AUTHCODE), which is used to settle the transaction through a swipe terminal or payment gateway at a later time.
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Void
The reversal of an approved transaction, one that has been authorized but not settled. Settled transactions require processing of a credit in order to be reversed. A void does not remove any hold on the customer's open-to-buy.
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