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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: Authorization, with the goal of creating transparency in this marketplace.

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: 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: 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 »

Payment Industry Term: Bank Routing Number

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. Bank Routing Number, when used in context with payment processing, means: Bank Routing Number – The first nine digits that appear across the bottom of a personal check; they identify the financial institution. For additional information on payment industry terms, including articles and news on … Read More »

Payment Industry Term: Bankcard

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. Bankcard, when used in context with payment processing, means: Bankcard – A financial transaction card (credit, debit, etc.) issued by a financial institution. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER Topics. VeriProcess is committed to … Read More »

Payment Industry Term: Batch

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. Batch, when used in context with payment processing, means: Batch – The accumulation of captured (sale) transactions waiting to be settled. Multiple batches may be settled throughout the day. For additional information on payment industry terms, including articles and news on trending information, visit the … Read More »

Payment Industry Term: Batch Processing

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. Batch Processing, when used in context with payment processing, means: Batch Processing – A type of data processing and data communications transmission in which related transactions are grouped together and transmitted for processing, usually by the same computer and under the same application. For additional … Read More »

Payment Industry Term: ACH

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. ACH, when used in context with payment processing, means: ACH – Automated Clearing House. A regional organization used by member banks to electronically transfer funds between members. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER Topics. … Read More »