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. Financial Institution, when used in context with payment processing, means:
Financial Institution – Any organization in the business of moving, investing or lending money, dealing in financial instruments, or providing financial services. Includes commercial banks, thrifts, federal and state savings banks, saving and loan associations, and credit unions.
For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER Topics. VeriProcess is committed to delivering maximum transparency in the payment industry.