Glossary of Terms

Merchants should accept checks - (MerchantService.com, Inc.)
8/21/2008

No Rate Increase in 15 Years - (MerchantService.com Inc)
8/13/2008

April '08 Interchange Rate Increase - (Nova Information Systems)
2/27/2008

ViVOtech first to be certified to support Discover Network - (ViVOtech Solutions)
8/2/2006

Debit Transactions on the Rise - (First Data)
8/1/2006

Fed won’t set interchange fees - (ATM Marketplace.com)
4/21/2006

7-Eleven intros second wave of Vcom ATM hybrids - (ATM Marketplace.com)
4/3/2006

Chase 'blink' Launches In Dallas-Fort Worth - (Payment News)
1/13/2006

HSBC To Issue American Express Credit Cards - (Payment News)
12/23/2005

The next generation of theft deterrence - (Convenience Store Decisions)
10/25/2005

MBNA America Bank launches contactless credit cards in Atlanta - (Contactless News)
10/17/2005

Signature Debit Fraud Runs 15 Times Higher Than on PIN Debit - (Digital Transaction News)
10/12/2005

U.S. Drug Store Chain To Accept Contactless Cards - (Card Technology)
9/6/2005

MasterCard Teams with Motorola to Test PayPass for Cell Phones - (Digital Transaction News)
12/10/2004

Royal Bank offers debit cards for U.S. shoppers - (Buffalo (N.Y.) Business First)
11/10/2004


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Glossary of Terms - A
These Terms Occur Frequently on Our Website

ACH
See Automated Clearing House.

Address Verification Service (AVS)
A fraud-reduction service that allows the Merchant to verify a Cardholder's billing address prior to completing a Card Not Present Transaction.

Approval Code
An Authorization Code indicating that the Transaction is approved and the Card may be honored.

Authorization
A required procedure by which a Merchant requests approval of a Transaction from the Issuer. See also Magnetic Swipe Authorization, Manual Entry Authorization or Voice Authorization.

Authorization Code
The code sent by the Issuer in response to an Authorization request that indicates whether the Transaction is approved. Responses may include: "Approved", "Declined", "Declined Pick-Up" or "Referral" ("Call Auth").

Automated Clearing House (ACH)
The funds transfer system governed by the rules of the National Automated Clearing House Association. ACH allows financial institutions to clear interbank entries electronically. A Merchant's DDA is debited and credited via ACH.

Automated Teller Machine (ATM)
Automated Teller Machines, cash points, allow you to access cash with a credit card or other card associated with your bank account. You need to enter your Personal Identification Number (PIN) into the machine to access cash.

AVS
See Address Verification Service.