Glossary

SWIPE4FREE Glossary

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ACH (Automated Clearing House) - ACH is a computer-based clearing and settlement facility established to process the exchange of electronic transactions between participating depository institutions. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills

Batch - When a credit card terminal is batched it processes all transactions ran for the day and begins the funding process

Card Not Present (CNP) - Transaction in which the card information was keyed in and not swiped

Card Present - Transaction in which the physical card is presented and swiped on terminal

Chargeback - A chargeback is a transaction disputed by the cardholder or card issuer. There are many reasons for chargebacks, but the mostcommon are returned merchandise, terminated services, disputes, errors, or fraud. Merchants must be able to provide proof that the disputed transaction is valid and in accordance with Visa/MasterCard regulations or risk having their account debited for the disputed amount

EBT (Electronic Benefits Transfer) - A system that allows state governments to provide and track benefits to authorized recipients via a plastic debit card.
Common benefits provided via EBT are Food Stamps and Cash benefits.

FNS (Food& Nutrition Services) – When a retailer is registered for SNAP (Supplemental Nutrition Assistance Program) they are provided an FNS Number. In order to accept EBT Cards they must provide their FNS Number.

Interchange - is the money transferred from the acquiring bank to the issuing bank for each bankcard transaction. Interchange fees account for the majority of credit card processing costs and are established by the card brands (Visa, MasterCard, Discover) of open-loop processing system

MATCH List - The MATCH (Member Alert to Control High Risk Merchants) list was created by MasterCard as a means of compiling information onbusinesses and their owners when their merchant accounts have been terminated.

MOTO (Mail Order Telephone Order) – Sale is made my mail or telephone, Card number is keyed in rather than swiped.

Retrieval - After being notified by a cardholder about a disputed transaction, the cardholder's issuing bank may order a copy of that particular sales draft through merchant services to determine what occurred at the point of sale -this is called a copy request or retrieval

SNAP(Supplemental Nutrition Assistance Program) - is the program formerly known as food stamps. It is a federal nutrition program that helps you stretch your food budget and buy healthy food.

TMF (Terminated Merchant File) - When a merchant is terminated they are labeled TMF & added to the MATCH List

TSYS (Total System Services) - Merchant Acquirer and Bank Card Issuer whose platform we partner with to process our transactions

Voice Authorization - Rather than swiping or keying in a credit card transaction, a voice authorization is a call in line that will prompt the caller for the card number, expiration date, security code etc. The card will be processed on that call and a decline or approval number will be generated. This is a free service that is typically used during internet, phone or terminal issues.

Voice AVS Authorization - During the course of a voice authorization, the merchant can request the use of the Address Verification Service (AVS). It isa fraud-fighting tool provided by the major payment brands to combat fraud on card-not-present (CNP) transactions. During a transaction,the merchant enters the cardholder’s street address, post office box number and/or ZIP or postal code. These items are matched against card issuer information and an AVS response code is returned in addition to the typical authorization code. The merchant can use the AVS response as additional information in deciding whether to accept the transaction.The fee for this Authorization is $4.95 per call.