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Merchant Account Glossary

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Below you will find a list of common definitions and terms you will encounter when trying to open up a merchant account.
  1. ABA Routing Number
  2. ACH (Automated Clearing House)
  3. Acquiring Bank
  4. Address Verification Service (AVS)
  5. Authorization
  6. Approval or Authorization Code
  7. Authorization Only
  8. Average Ticket Size (AVT)
  9. Batch Processing
  10. Bank Card
  11. Capture
  12. Card Issuer
  13. Card Present
  14. Cardholder
  15. Chargeback
  16. CVC2 (card validation code 2) & CVV2 (card verification value 2)
  17. Discount Rate
  18. Doing Business As (DBA)
  19. Downgrades
  20. Interchange
  21. Issuing Bank
  22. Member Alert to Control High-Risk Merchants (MATCH)
  23. Payment gateway
  24. Personal Identification Number (PIN)
  25. Pin pads
  26. Point of Sale (POS) terminal
  27. Settlement
  28. Void



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