Magnetic Stripe

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A magnetic stripe (“magstripe”) is essentially a length of recording tape that is bonded to the back of payment cards. The magnetic material, coded with individual account information, is later read by physical contact (“swiping”) on a terminal. Credit cards, driver...

Magnetic Stripe Reading Terminal

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A magnetic stripe reading terminal is a point-of-sale (POS) machine that reads encoded information with a magnetic head, similar to that of a tape recorder, from a magnetic stripe of a credit card or other bankcard when it is swiped into a terminal passage area. The terminal...

MasterCard

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MasterCard Worldwide is a multinational corporation headquartered in Purchase, New York, that facilitates transactions between merchants’ banks and purchasers’ banks when its branded credit and debit cards are used for payment. It became a publicly traded company in 2006,...

Member Alert to Control High-Risk Merchants (MATCH)

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When acquiring banks and transaction processors terminate contracts with merchants for certain risk-related reasons, the merchant businesses and their owners end up on a list called the Member Alert to Control High-Risk Merchants (MATCH). Acquirers must consult the MATCH...

Merchant

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In the United States, the term “merchant” commonly refers to a person or firm buying goods at a wholesale price level for sale at retail. Under the Uniform Commercial Code (UCC), the definition also includes some businesses not engaged in retail trade, such as car dealers...

Merchant Account Provider

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A merchant account provider is a company that establishes the working relationships between and among merchants and financial institutions, primarily concerning the use of credit cards. In marketing terms, merchant account providers are in the business of providing a...

Merchant Accounting System

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A merchant accounting system is a computerized means by which a business that accepts payment cards (credit, debit, gift, etc.) keeps track of each individual transaction as well as the overall processing. The merchant’s gateway and payment processing services, combined...

Merchant Accounts

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A merchant account is a bank account that is opened by a merchant through a bank or other institution that is a member of the major credit card network. It allows these merchants to accept credit cards from consumers for a variety of sales transactions. A merchant account...

Merchant Cash Advance

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A merchant account cash advance allows a business account holder to borrow true currency against future sales. Unlike a consumer or individual credit card cash advance, in which the amount of cash that is available for such an advance is typically a small percentage of an...

Merchant Fees

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“Merchant fees” are more commonly referred to as “interchange fees.” The term is used by the payment card industry to describe what a merchant’s bank (“acquiring bank”) pays a customer’s bank (“issuing bank”) when that merchant processes transactions with cards in the Visa...