The ACH network is a financial network designed for batch processing of funds. Debits and credits can be automatically processed, resulting in an efficient clearing of funds between participating financial institutions. The use of the ACH network is governed by the NACHA (National Automated...
Acquirer The financial institution that establishes and maintains the merchant’s account. Address verification service (AVS) A service that verifies the numbers in the cardholder’s address. One method of reducing fraud risk. Authorization The process of verifying an account and the availability of credit. Average...
On any modern check, a merchant may notice a line of information positioned along the bottom. This line is the key to standardized check reading – by standardizing the information contained, check can be routed faster and less prone to human error. MICR is...
The following index explains the numerical code assigned to a particular chargeback transaction on a Mastercard account. Merchants can use these codes to determine the reason why a chargeback was issues, and prepare to defend the chargeback appropriately. 01 Requested transaction data not received...
The following notes apply to merchants who accept Mastercard and VISA branded cards. As part of the merchant agreement, these clauses are designed to avoid punishing a card holder for using their card, or to avoid obeying terms designed to reduce card fraud. Minimums...
When discussing credit and debit terminals, some terms come up continuously, while others are more obscure. Some manufacturers refer to terminal technology in proprietary terms. Merchants considering a particular model of terminal need to be able to compare and contrast the features and benefits...