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Merchant Account Glossary

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. Member Alert to Control High-Risk Merchants (MATCH)
22. Payment gateway
23. Personal Identification Number (PIN)
24. Pin pads
25. Point of Sale (POS) terminal
26. Settlement
27. Void

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