Authorization Code

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An authorization code is a numerical or alphanumerical code sent directly by a credit card issuer or issuing bank that is uniquely ascribed to a sales transaction as verification that the completed sale has been authorized. During the time of sale, it is always returned by...

Authorization Fee

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A credit card authorization fee (which is actually an authorization request fee) is the amount of money that is charged directly to an individual merchant account each time communication is made between credit card processing software (when the sale transaction is...

Authorize.net

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A public corporation founded in 1996 in Utah, Authorize.Net is a payment gateway service provider, which is a system of processes and technologies that allow merchants to electronically submit credit card payment transactions to payment processing networks, such as a...

Automated Clearing House

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The ACH is a secure computer network that efficiently connects individuals, businesses and banks together through the Federal Reserve System enabling electronic payments to flow safely from start to finish. In today’s computer-connected global economy, money of all amounts...

Automated Response Unit (ARU)

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An Automated Response Unit – or ARU – allows the manually keyed entry and the subsequent authorization of a credit card transaction over a traditional landline telephone or cell phone service. An Automated Response Unit can also refer to the series of credit card and...

Average Ticket Size

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Average Ticket Size or AVT is the average dollar amount of the credit card transactions that a merchant anticipates processing or ultimately processes over a certain time. It essentially refers to how much the average customer will spend through the merchant for goods or...

Bankruptcy Notification Service

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The Bankruptcy Notification Service is a joint effort of the two major worldwide credit card companies (MasterCard and Visa) to log, track and assess bankruptcy filings and related items. All individual and business bankruptcy filings, and related cases, are gathered from...

Basis Points

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In relation to merchant accounts, basis points are the percentage charged to a company that accepts credit cards by the issuing bank on any credit card transaction. They are commonly denoted as a lower case bp or in the form of an altered traditional percentage symbol...

Batch Processing

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Batch credit card processing refers to settling a group of credit card sales transactions at the same time, usually at the end of a merchant’s business day. Typically, a merchant will use the same credit card sales terminal that processed consumer transactions all day to...

Belly

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Belly is a mobile-based loyalty program created by a Chicago start-up company that offers users rewards and special deals at participating businesses in a manner similar to traditional paper loyalty cards. Funded by Groupon investor Lightbank, Belly focuses on offering unique,...