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Understanding the Payment Industry is a tough task. Merchants are faced with confusing statements, hundreds of various payment processing fees, and numerous processing options offered by Merchant Service Providers, Payment Gateways, and other payment processing entities. The PAYMENTINSIDER provides articles, posts, and whitepapers on the Payment Industry, including this article, Payment Industry Term: ATM System, with the goal of creating transparency in this marketplace.

Payment Industry Term: ATM System

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. ATM System, when used in context with payment processing, means: ATM System – The telecommunications and processing system operated by or on behalf of an Acquirer Member to process STAR Transactions initiated through the Acquirer Member’s STAR ATMs or STAR POB Terminals. The ATM System … Read More »

Payment Industry Term: Authentication

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Authentication, when used in context with payment processing, means: Authentication – The process by which Authentication Tokens are verified to establish the identity of a STAR Account Holder. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER … Read More »

Payment Industry Term: Authorization

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Authorization, when used in context with payment processing, means: Authorization – The act of ensuring the cardholder has adequate funds available against his or her line of credit. A positive authorization results in an authorization code being generated, and those funds being set aside. The … Read More »

Payment Industry Term: Security Compliance Review

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Security Compliance Review, when used in context with payment processing, means: Security Compliance Review – A review that is based on an approved checklist and that is performed by a Member’s or Processor’s Approved Auditor to verify the Member’s or the Processor’s compliance with these … Read More »

Payment Industry Term: Adjustments

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Adjustments, when used in context with payment processing, means: Adjustments – Used to process disputes or discrepancies with other financial institutions. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER Topics. VeriProcess is committed to delivering maximum … Read More »

Payment Industry Term: Cardholder

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Cardholder, when used in context with payment processing, means: Cardholder – The person to whom a financial transaction card is issued or an additional person authorized to use the card. For additional information on payment industry terms, including articles and news on trending information, visit … Read More »

Payment Industry Term: Affinity Card

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Affinity Card, when used in context with payment processing, means: Affinity Card – A credit card issued in conjunction with an organization or collective group; for example, profession, alumni, retired persons association. The card issuer often pays the organization a royalty. For additional information on … Read More »

Payment Industry Term: Cash Advance

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Cash Advance, when used in context with payment processing, means: Cash Advance – An amount advanced by a bank teller (or ATM) to a bankcard holder against the cardholder’s line of credit. For additional information on payment industry terms, including articles and news on trending … Read More »

Payment Industry Term: ATM Interchange Fee

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. ATM Interchange Fee, when used in context with payment processing, means: ATM Interchange Fee – The fee paid to the Acquirer Member by the Issuer Member for a STAR ATM Transaction as established from time to time by the STAR Network. For additional information on … Read More »

Payment Industry Term: Average Ticket

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Average Ticket, when used in context with payment processing, means: Average Ticket – The average size of a merchant bankcard transaction. Generally used in pricing decisions and calculations. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER … Read More »