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FAQ

Get answers to the questions that other visitors have asked. Whether you are looking for information about address verification service or want to know what a Demand Deposit Account is, you'll find the answer here.



Merchant Resources Center - Frequently Asked Questions




What are the types of merchant accounts?
There are several types of merchant accounts for the following business environments:
What is a Merchant Service Provider (MSP)?
A licensed broker of credit card processing services to businesses who create a merchant account. 
What is a Merchant Identification Number (MID)?
A unique identification number assigned to a merchant account to identify the business.
What is Dynamic Currency Conversion (DCC)?
DCC converts international Visa and MasterCard credit card purchases into the cardholder’s home currency at the point of sale. These service makes it easy for international customers make purchases.
What is a retrieval request?
A request from the customer's credit card issuing bank for a complete and legible copy of the merchant copy of the credit card transaction. If a card holder wishes to dispute a charge, you may get this request. For this reason it is important to keep a copy of all credit card transactions. Providing a copy of the receipt will help you avoid a chargeback.
What are interchange qualification requirements?
A set of requirements that help determine what discount rate a business will qualify for with their merchant account and the associated account costs. Having a strong record will ensure the lowest possible rate an credit card processing and other merchant services.
What is Authorization?
A request by the merchant to approve a transaction with the customer's method of payment. This process is initiated by accessing the quthorization center via electronic terminal or telephone and will either approve or decline the transaction.
What is an Address Verification System (AVS)?
A service used to reduce fraud, allowing a merchant to verify a cardholder's billing address prior to completing a Card Not Present Transaction.
What is a Batch?
This is the record of accumulated card transactions found on a Point Of Sale (POS) terminal or host computer.
What is a Demand Deposit Account (DDA)?
A commercial bank account set up by the merchant account holder designed for processing transactions as well as account charges, adjustments and fees. This is also the account that is used when handling any chargebacks.
What is a debit card?
A bankcard that allows purchases to be deducted directly from a cardholder's checking of savings account.
What is a debit ATM card? 
A bank card issued to a bank account holders to access their chacking or savings funds via an Automated Teller Machine (ATM).
What is a “check” card?
A debit card linked to a checking or savings account that has the Visa or MasterCard logo. This card can be used as both a debit card or a credit card.
What are some of the best practices for a merchant account holder?
  1. Only use an authorization code that has been provided to you directly from your merchant processor.
  2. For a “Decline” response, do not process any more sales on that particular card.
  3. Never let a customer operate your credit card machine except to enter their debit card PIN number.
  4. Do not use the customer's phone or phone number to call for transaction authorization.

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