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. Receipt, when used in context with payment processing, means:
Receipt – A hard copy description of the transaction that took place at the point-of-sale, containing at minimum; date, merchant name/location, primary account number, type of account accessed, amount, reference number, and an action code.
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