Internet
Merchant
See Business Type
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Issuing
Bank
An Issuing Bank is any Visa/MasterCard member bank that enters into
contractual relation-ships with cardholders for the issuance of
cards.
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Keyed
A transaction is "keyed" when the information
from a credit card is manually typed into a terminal or computer
(utilizing credit card processing software like Tellan). A transaction
is keyed because either the card is not present at the time the
transaction is entered or the equipment being used to process the
transaction can't read the card.
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Lighthouse
Club
The Lighthouse Club is a Humboldt Bank membership program that
terminal-using merchants may join. Membership is available for a
monthly fee and entitles the merchant to discounts on supplies as
well as a repair warranty on their equipment.
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MacAuthorize
See Tellan.
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Mail
Order/Telephone Order (MOTO)
See "Business Type."
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Member
Alert To Control High-Risk Merchants (MATCH)
MATCH is an electronic bulletin board used to track people and
businesses whose merchant processing accounts are reported "terminated"
by acquiring banks
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Merchant
Category Code (MCC)
See "SIC Code."
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Merchant
Identification Number (MID)
Do not confuse the MID with the Humboldt Bank merchant processing
account number (the 16-digit number prefixed by "419404").
This acronym refers to the FDC-assigned number that identifies the
merchant to the equipment they use to process transactions. A merchant
with a Humboldt Bank merchant processing account number who uses
several terminals at his location would have one MID and several
TID's (See "Terminal Identification Number").
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Monthly
Volume (MV)
The maximum monthly dollar volume a merchant is approved to
process in Visa and Master-Card transactions. The MV is important
for underwriter consideration of the file and also helps to determine
what type of documentation will be required with the file. (American
Ex-press, Discover or any other card processing volume is never
included in the calculated monthly volume.)
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PC
Authorize
See "Tellan."
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Personal
Identification Number (PIN)
For identification purposes, PIN numbers are assigned by banks to
cardholders. In this way, ATM transactions and debit card transactions
may take place without a cardholder's signature.
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Pinpads
Pinpads are small boxes with a 10-key pad on them. Connected to
a processing terminal, they are used by cardholders to enter PIN
numbers and debit card transactions.
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Point
of Sale (POS)
The physical location where a sale is completed. Usually used
as "POS terminal" to refer to the credit card terminal
(equipment).
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PTC
Software
This is an ETC type 7 software product.
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Purchase
Cards
Purchase Cards are credit cards for use by employees of government
agencies or corporations. What makes Purchase Cards different from
ordinary credit cards is that they may only be used at certain types
of merchant locations.
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Qualified
Discount Rate
Discount rates are tiered. Following is a breakdown of these
tiers and examples of corresponding situations. A Qualified Discount
Rate is the rate a merchant is charged when all conditions are optimum
- that is, when a retail transaction is card-swiped and the merchant
batches-out electronically at the end of the day. (Keyed/Internet
merchants can still archive Qualified rates by obtaining an AVS
response plus order number, plus batching out.) A Mid-Qualified
Discount Rate is charged when a retail merchant keys a transaction
or does not batch-out at the end of the day. A Non-Qualified
Discount Rate is charged when a merchant keys a transaction and
does not batch-out at the end of the day.
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Refund
Policy
This is straightforward: how will the merchant - and to what
extent will the merchant - guarantee products or services sold to
a cardholder? We require a refund policy of each applicant, as a
liberal refund/return policy may go a long ways towards reducing
the number of charge-backs that a merchant receives. A separate
field on the Humboldt Bank Bankcard Application/ Agreement is labeled,
"Refund Policy." When filled in, this requirement is satisfied.
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Retail
See "Business Type."
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Routing
Number
See "ABA Routing Number."
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Shopping
Cart
As used on the internet, a shopping cart is analogous to choosing
items in a grocery store and placing them in a shopping cart for
eventual purchase. Chosen items are grouped into a single purchase
(Shopping Cart) so that only one electronic purchase need be completed.
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Standard
Industry Code/Merchant Category Code (SIC/MCC Code)
The SIC code is a four-digit, numeric identifier of merchant
business types. There are thou-sands of these codes, all of them
defined by VISA International in the VISA USA Merchant Data Manual.
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- ABA through Corporate
Resolution
- Credit Report through
Internet Merchant
- Issuing Bank through
SIC Codes
- Swipe through Verifone
Return to Merchant Account
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