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Payment Industry Term: Credit Account

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. Credit Account, when used in context with payment processing, means:

Credit Account – An Access Account which provides for the advance of cash, merchandise or other commodity, in the present, in exchange for a promise to pay a definite sum at a future date, usually with interest.

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