Who Are The Parties Involved In Credit Card Processing?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Who Are The Parties Involved In Credit Card Processing?"

Transcription

1 Who Are The Parties Involved In Credit Card Processing? Often one of the hardest and most frustrating things that a business owner must encounter when starting and running a business is choosing the right merchant service provider. Since the vast majority of consumers nowadays use alternate payment methods rather than cash to purchase their goods and services, both online and in person, such as checks, credit and debit transactions, accepting such enables a business to remain competitive. Since electronic payments is such an integral part of our financial structure today, having a clear understanding of the payment processing industry will help you in selecting a merchant service provider that will best suit the needs of your business.

2 Industry Overview Payment processing is very confusing for most merchants as the involvement of so many different players makes it a somewhat complex industry to understand. Many think the industry is fairly new beginning in the 1950 s when credit cards were first issued. It actually began in the early 1800 s with merchants extending credit to their customers for the goods and services they needed immediately but couldn t pay for at the time. Following is a brief overview of the timeline: Early 1900 s department stores and hotels began issuing paper credit cards to valued customers. In 1949 Diners Club issued the first merchandise credit card for travel and entertainment expenses for wealthy consumers. They soon after expanded across the nation, charging merchants a 7% per transaction fee, rather large for that time period. In the 1950 s, Bank of America (now known as Visa) issued the first general credit card. As banking regulations limited nationwide reach of individual banks, Bank of America began licensing the card to other banks in order to compete with Diners Club nationwide reach. In 1958, American Express entered the market and began issuing credit cards. In 1966, a network of banks formed together to get in on this successful money maker and initiated a third network (evolving into MasterCard). Last but not least, Sears Roebuck and Company launched the Discover Card network in Since its infancy, the issuing of credit has been an extremely profitable business. The issuing bank makes its profits through various ways including annual fees, late payment fees, over balance fees and of course the interest rate charged. Types of Credit Card Processing Companies There are really two types of Merchant Service Providers (MSP s) that provide credit card processing services to merchants: Acquirers and Resellers.

3 Acquirers Acquirers, also known as Processors, are distinguished by their ability to process sales transactions. A Processor has the technical capability and high level security protocols to receive the transaction data, communicate with the appropriate financial institution, approve or decline the specific transaction, settle the completed transactions with the financial institution and deposit the funds into the merchants account. In short, they are the ones that actually process the sale, charging a discount rate and/or processing fee for handling the transactions. Acquirers are registered members of the Visa and MasterCard Associations, soliciting, screening and accepting merchants in their processing programs. Processors acquire their merchant base through direct marketing to merchants, independent sales agents and utilizing resellers. For example, EPS is an Acquirer (Processor) which provides merchant payment processing solutions and value-added programs to merchants directly through a direct sales force in addition to Independent Sales Organization partnerships (resellers). Resellers Resellers, also known as Independent Sales Organizations (ISO s), resell the products and services of one or multiple Processors. They are "Third-Party Processors" in addition to sometimes offering their own value-added products. There are basically two types of ISO s: banks and non-banks. Banks banks of all kinds, local community banks, large regional banks, national banks and credit unions have entered into the merchant service provider business as it seemed like an easy vertical expansion to give them another way to increase revenue off their customers. Most banks are ISO s although they usually private label their services so that it is difficult to tell whether or not they are the actual the Processor. Non-banks - this group of ISO s ranges greatly from top-notch, competent and capable providers to less than honorable people just out to make a quick buck. As there is not any regulatory agency enforcing acceptable and ethical business practices in the industry, the most serious problems merchants encounter are usually from dealing with an unscrupulous, rogue sales agent rather than the Processor. Unfortunately, this has given the industry as a whole a bad reputation. Both Processors and ISO s offer payment and processing solutions such as credit/debit/ prepaid credit card processing, check verification/ conversion/ guaranty services, online transactions, gift/ loyalty cards, and cash advances with very little, if any, difference in pricing.

4 Issuer A financial institution or bank is also the issuer of the electronic funds cards (debit cards) which the consumer (cardholder) uses to purchase goods, services or obtain cash advances. The issuer is a registered member of Visa and MasterCard Associations. The issuer both receives and pays for transactions from the cardholder's transaction activity with Visa and MasterCard. Interchange The Interchange System is the bank card/ credit card system managing the transfer of transaction data and funds between the issuing and acquiring members through a process called Interchange, which simply means the flow of money and information between the following parties: merchants, cardholders, card associations and acquirers. Interchange fees are those that the financial institution charges for purchases made on the credit/debit card. Interchange consists of the following steps as a requirement in every payment transaction. 1.Authorization Authorization occurs as the cardholder gives payment for his purchase to the merchant. Later, the merchant submits the information of the transaction to the acquirer. The acquirer in return would verify the issuer and in an instant the transaction amount and card number are validated. Then, the acquirer processes the cardholder transactions. 2. Batching Batching refers to the stored authorized payment transactions which are kept in batch. At the end of the day, the merchant themselves will send the information to the acquirer to receive payments. 3. Clearing and Settlement The acquirer sends the transaction information through batch for the card associations. It debits the issuer for payment and gives credits to the acquirer. In addition, the issuer pays the transactions to the acquirer. 4. Funding If the acquirer has been paid the result will be merchants will receive payment as well. Usually, merchants will receive equal amount of the transactions minus discount rate. This is the fee which merchants are paying the acquirer for their service in every payment transactions.

5 The Associations Visa and MasterCard are the associations that manage both the bank card issuers and acquirers. These associations set and enforce the rules governing bank cards, maintaining the authorization and settlement systems, managing the clearing and settlement processes, supervising the processing and developing new products and programs. Conclusion We are quickly becoming a cashless society so although it is not a requirement for a business to accept the various forms of electronic payments, the more options you make available, the better your competitive advantage. Whatever the industry or business size, it is vital that you find a merchant service provider that can focus on your specific area, whether its ecommerce, retail, service, catalog, restaurant, telephone/mail order, wireless, or a home based business. It is equally important to choose a provider that also has the level of infrastructure needed to provide the best system for your needs, from software and terminal plug-in s to repayment gateways and real time account access. EPS is a full service merchant service provider which means it can handle all of your processing needs and employs a dedicated team for each individual area of merchant accounts including customer service, sales and technical support 24 hours a day 7 days a week. EPS is one of the largest, privately held merchant service providers of electronic payment products and services to businesses and independent sales organizations. Uniquely positioned in the payments industry, EPS offers complete merchant processing solutions and expertise to drive revenue and profitability for all business types from mom and pop s, restaurants, service industries and retailers. Its vast portfolio of products includes point-of-sale terminals, e-commerce systems, mobile applications, check verification, gift cards, loyalty programs and cash advance services in addition to their revolutionary EPS 90 program, a check guaranty and conversion service offering a 90-day, no credit check, in-house payment plan. The company is headquartered in Englewood, CO. For more information, call or visit Follow EPS on Twitter at and like us on Facebook at

How Do I Understand Credit Card Processing Fees?

How Do I Understand Credit Card Processing Fees? How Do I Understand Credit Card Processing Fees? Credit card processing rates and fees are often misunderstood and confusing, so we are committed to helping you understand the various costs associated

More information

Merchant Account Basics. A compilation of Braintree blog posts

Merchant Account Basics. A compilation of Braintree blog posts Merchant Account Basics A compilation of Braintree blog posts Table of Contents I. A Brief History of the Credit Card Processing Industry... 3 II. Industry Overview... 4 The necessity of merchant accounts...

More information

Introduction to Bankcard Basics

Introduction to Bankcard Basics Introduction to Bankcard Basics Global Vision Group August 2006 Page -1- Contents Topic Background The Players Transaction Authorization and Settlement Types of Card Products & Competition Credit Decision

More information

Electronic Payment Processing Solutions

Electronic Payment Processing Solutions Customized Efficient Profitable Electronic Payment Processing Solutions Your Challenges. Our Solutions. Your Success. Your business is unique and so are its challenges. Do you need fast, safe transactions?

More information

Credit Card Processing Overview

Credit Card Processing Overview Credit Card Processing Overview New Agent Development Training First Data Learning Organization Copyright 2009, First Data Corporation. All Rights Reserved. Developed by: 26 Rev: 01/23/09/1.0 Objectives

More information

Redwood Merchant Services. Merchant Processing Terminology

Redwood Merchant Services. Merchant Processing Terminology ACH - Automated Clearing House for member banks to process electronic payments or withdrawals. (Credits or debits to a bank account) through the Federal Reserve Bank. Acquiring Bank - Licensed Visa/MasterCard

More information

CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb

CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb Topic Page Chart of Accounts 3 Creating a Batch Manually 8 Closing a Batch Manually 11 Cancellation Fees 17 Check Refunds 19

More information

Table of Contents The Market for Merchant Services... 1 The Basics of Payment Processing... 2 Authorization Settlement Funding... 2 Authorization...

Table of Contents The Market for Merchant Services... 1 The Basics of Payment Processing... 2 Authorization Settlement Funding... 2 Authorization... Table of Contents The Market for Merchant Services... 1 The Basics of Payment Processing... 2 Authorization Settlement Funding... 2 Authorization... 2 Settlement... 2 Funding... 2 Credit Card Processing

More information

Prepaid Card Program Roles and Responsibilities

Prepaid Card Program Roles and Responsibilities Prepaid Card Program Roles and Responsibilities A Prepaid Primer for Clients of E&S Consulting Brand Association Issuing Bank Program Manager Distribution/ Marketing Partner Transaction Processor Plastics

More information

International Payment Services. Credit & Debit Card Processing

International Payment Services. Credit & Debit Card Processing International Payment Services Credit & Debit Card Processing Merchant Processing Overview Visa, MasterCard, American Express, Discover, Diners, JCB, Debit, EBT, Fleet Card (Wright Express and Voyager),

More information

Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/)

Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/) Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/) The following glossary represents definitions for commonly-used terms in online payment processing. Address

More information

The Comprehensive, Yet Concise Guide to Credit Card Processing

The Comprehensive, Yet Concise Guide to Credit Card Processing The Comprehensive, Yet Concise Guide to Credit Card Processing Written by David Rodwell CreditCardProcessing.net Terms of Use This ebook was created to provide educational information regarding payment

More information

Merchant Card International A Name you can TRUST!

Merchant Card International A Name you can TRUST! Welcomes To About Merchant Card International (MCI) Merchant Card International being a Nationwide presents (offices) ) has more than 15 years experience in the transaction processing business. Our reputation,

More information

ACQUIRER PASS THROUGH FEES

ACQUIRER PASS THROUGH FEES ACQUIRER PASS THROUGH FEES BASED ON VOLUME BASED ON NUMBER OF TRANSACTIONS ASSESSMENTS (V/MC/DISC) VISA SETTLEMENT NETWORK ACCESS FEE VISA INTERNATIONAL ASSESSMENT FEE VISA INTERNATIONAL ACQUIRER FEE MASTERCARD

More information

Are We Doing Enough To Help Your Business Grow?

Are We Doing Enough To Help Your Business Grow? Are We Doing Enough To Help Your Business Grow? As one of the oldest and largest merchant service providers in the nation, Electronic Payment Systems (EPS) equips and processes electronic payment transactions

More information

Payments Industry Glossary

Payments Industry Glossary Payments Industry Glossary 2012 First Data Corporation. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. A ACH: Automated Clearing

More information

ACN s Preferred Merchant Services Partner

ACN s Preferred Merchant Services Partner ACN s Preferred Merchant Services Partner Your Guide to Selling Merchant Services 1. Merchant Services 101 2. Engage Merchants 3. Submit Leads 4. Stay Involved 1. Merchant Services 101: What is Merchant

More information

CREDIT CARD PROCESSING AND MERCHANT SERVICES

CREDIT CARD PROCESSING AND MERCHANT SERVICES CREDIT CARD PROCESSING AND MERCHANT SERVICES provides credit card processing and merchant services for a wide range of business types - including retail, e-commerce, professional services, restaurants,

More information

Total Merchant Services (TMS) is a Member Service Provider for HSBC Bank USA

Total Merchant Services (TMS) is a Member Service Provider for HSBC Bank USA Total Merchant Services (TMS) is a Member Service Provider for HSBC Bank USA Doing What s Best For Your Business It s easy to establish a merchant account with Total Merchant Services. If you meet our

More information

Adjustment A debit or credit to a cardholder or merchant account to correct a transaction error

Adjustment A debit or credit to a cardholder or merchant account to correct a transaction error Glossary of Terms A ABA Routing Number This 9-digit number is assigned by the American Banker s Association and is used to identify individual banks. When performing an ACH transfer from one bank account

More information

Merchant Account Glossary of Terms

Merchant Account Glossary of Terms Merchant Account Glossary of Terms From offshore merchant accounts to the truth behind free merchant accounts, get answers to some of the most common and frequently asked questions. If you cannot find

More information

Your Bank + Elan Financial Services =

Your Bank + Elan Financial Services = Your Bank + Elan Financial Services = Credit Card Issuing Alliance Leveraging the power of your brand. Strengthening your suite of credit card products. Partnership for your success. Collaborative Partnership

More information

EMP's vision is to be the leading electronic payments processing company in the emerging markets of Africa and the Middle East.

EMP's vision is to be the leading electronic payments processing company in the emerging markets of Africa and the Middle East. EMP's vision is to be the leading electronic payments processing company in the emerging markets of Africa and the Middle East. EMP's mission is to be at the forefront of the region's electronic payments

More information

The Value of a Payment Gateway. White Paper

The Value of a Payment Gateway. White Paper The Value of a Payment Gateway White Paper The Ever-Evolving Payment Landscape There s no way around it. No matter what size your business is or what industry you work in, if you accept credit cards, keeping

More information

CRYPTO-LOGICA FOR THE PAYMENT CARD INDUSTRY

CRYPTO-LOGICA FOR THE PAYMENT CARD INDUSTRY CRYPTO-LOGICA FOR THE PAYMENT CARD INDUSTRY Introduction Payment Card Industry 1. Three types of payment card transactions credit, signature debit, and PIN debit. 2. Two main payment card systems four-party

More information

OnSite 7.0 Setting Up A Merchant Account

OnSite 7.0 Setting Up A Merchant Account OnSite 7.0 Setting Up A Merchant Account ShopWorks 1655 Palm Beach Lakes Blvd. Ste 640 West Palm Beach, FL 33401 Ph: 561-491-6000 Fx: 561-491-6001 Rev. 01 Last Updated: 3/12/09 Table of Contents Introduction...

More information

PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer

PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer For a business owner, payment processing is one of those aspects of the business that you shouldn t have to worry about. It s not

More information

Credit Card Processing 101

Credit Card Processing 101 Credit Card Processing 101 Customers have come to expect credit cards as a payment option. With ATM fees continuing to rise, some consumers may even exclusively choose to take their purchasing power to

More information

5 STEPS TO LOWER YOUR PAYMENT PROCESSING FEES

5 STEPS TO LOWER YOUR PAYMENT PROCESSING FEES 5 STEPS TO LOWER YOUR PAYMENT PROCESSING FEES STEP 1: Understand the Basics of a Merchant Account Your best defense against high rates is information. This guide is intended to provide merchants with a

More information

THE ABC s of Credit Card Processing

THE ABC s of Credit Card Processing THE ABC s of Credit Card Processing 1 Page Credit Card Processing As you well know, the fee s you pay to process credit card transactions represents a large portion of your monthly overhead. At AMG Payment

More information

ANNOUNCING A CALL TO ARMS!

ANNOUNCING A CALL TO ARMS! ANNOUNCING A CALL TO ARMS! BARACK OBAMA HAS DECLARED A WAR AGAINST FIREARMS AND FRONTLINE PROCESSING WANTS TO HELP COMBAT IT IN ANY WAY WE CAN! WE ARE A STAUNCH SUPPORTER OF THE 2ND AMENDMENT JUST LIKE

More information

E-Commerce SOLUTIONS. Generate Online Revenue with E-Commerce Solutions. www.monexgroup.com

E-Commerce SOLUTIONS. Generate Online Revenue with E-Commerce Solutions. www.monexgroup.com E-Commerce SOLUTIONS In this report, MONEXgroup examines various types of online payment processing and E-Commerce Solutions. The tremendous transition towards online shopping stores in Canada has opened

More information

CONVENIENCE FEE PROGRAM

CONVENIENCE FEE PROGRAM CONVENIENCE FEE PROGRAM FRONTLINE PROCESSING ELECTRONIC PAYMENT PROGRAM LOOKING TO SPEED UP YOUR RENTAL PAYMENTS? Frontline s new Convenience Fee Electronic Payment Program allows you to receive payments

More information

CPIM Academy. Cash 257 Merchant Services and Revenue Collection

CPIM Academy. Cash 257 Merchant Services and Revenue Collection CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit

More information

DCCCD BUSINESS PROCEDURES MANUAL. Revision Log

DCCCD BUSINESS PROCEDURES MANUAL. Revision Log P a g e 9 Revision Log Sub-Section Revision Start Revision End Date Posted Summary of Changes 1.3.1 01/10/06 01/30/06 02/14/06 Added guideline that no credit card account numbers should be solicited or

More information

Interchange Optimization: Are you getting the best rate?

Interchange Optimization: Are you getting the best rate? 2012 Interchange Optimization: Are you getting the best rate? Northpark Town Center 1200 Abernathy Road, Suite 1700 Atlanta, Georgia 30328 (800) 846-1305 www.optimizedpmts.com There are many costs associated

More information

Understanding Your Merchant Fees Presented by:

Understanding Your Merchant Fees Presented by: Understanding Your Merchant Fees Presented by: Melinda Speer Terry Endres VP Strategic Sales Executive SVP Treasury Management Officer Health, Institutions, & Government Government Treasury Services Chicago,

More information

Electronic Payment Processing

Electronic Payment Processing Five Star Service Guaranteed The most reliable payment processing network in the industry Electronic Payment Processing Your challenges. Our solutions. Your success. One key strategy to your success is

More information

Open Payments and Pre-Paid Products in Transit

Open Payments and Pre-Paid Products in Transit Open Payments and Pre-Paid Products in Transit Wendy Humphrey Vice President, Business Development March 2010 Copyright 2010, First Data Corporation. All Rights Reserved. 1 Types of Bank Cards Credit card-

More information

Version 1.0 STRATEGIC PARTNER TRAINING MANUAL

Version 1.0 STRATEGIC PARTNER TRAINING MANUAL Version 1.0 STRATEGIC PARTNER TRAINING MANUAL Table of Contents Introduction... 3 Features of the Strategic Partnership... 3 Responsibilities... 3 Billing... 4 Gateway Service... 4 Risk... 4 I. PRODUCTS/SERVICES...

More information

Feature Remarks by the Honorable Patrick Todd. Minister of State. Ministry of Economic Affairs & Empowerment, Innovation, Trade, Industry & Commerce

Feature Remarks by the Honorable Patrick Todd. Minister of State. Ministry of Economic Affairs & Empowerment, Innovation, Trade, Industry & Commerce Feature Remarks by the Honorable Patrick Todd Minister of State Ministry of Economic Affairs & Empowerment, Innovation, Trade, Industry & Commerce at Launch of the RBC/RBTT EZ Pay Wireless Terminal Unit

More information

What is Interchange. How Complex is Interchange?

What is Interchange. How Complex is Interchange? What is Interchange The foundation of the entire Bankcard Processing industry s cost structure. Interchange is the wholesale price, charged by Card Issuing Bank, for Authorization and Settlement of a credit

More information

Office Relocation Planner Guide to Credit Card Processing

Office Relocation Planner Guide to Credit Card Processing Office Relocation Planner Guide to Credit Card Processing Introduction The world of merchant services can be confusing, especially for businesses who have never accepted credit cards for payment before.

More information

INTRODUCTION. What is a Merchant Account? Myth Buster!

INTRODUCTION. What is a Merchant Account? Myth Buster! INTRODUCTION This guide is intended to provide merchants with a better understanding of payment processing terminology, fees and best practices as they relate to accepting credit and debit card payments.

More information

An access number, dialed by a modem, that lets a computer communicate with an Internet Service Provider (ISP) or some other service provider.

An access number, dialed by a modem, that lets a computer communicate with an Internet Service Provider (ISP) or some other service provider. TERM DEFINITION Access Number Account Number Acquirer Acquiring Bank Acquiring Processor Address Verification Service (AVS) Association Authorization Authorization Center Authorization Fee Automated Clearing

More information

Credit Cards and Payment Efficiency 1

Credit Cards and Payment Efficiency 1 Credit Cards and Payment Efficiency 1 Stan Sienkiewicz August 2001 Summary: On May 22, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on the role of interchange

More information

The following information was prepared to assist you in understanding potential Electronic Value Transfer terminology.

The following information was prepared to assist you in understanding potential Electronic Value Transfer terminology. ELECTRONIC VALUE TRANSFER CONTRACT (EVT) GLOSSARY OF TERMS The following information was prepared to assist you in understanding potential terminology. Term Description ACH Automated Clearing House is

More information

Glossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch

Glossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch Glossary ACH: Automated Clearing House; an electronic payment network most commonly associated with payroll direct deposit, recurring payments, and is the network most commonly used to settle merchant

More information

Guide to Payment Processing

Guide to Payment Processing Guide to Payment Processing What s Inside: Industry Players Components of Payment Processing Reading Your Merchant Statement Understanding Fees Processing Methods Trends Need-to-Know Vocabulary Guide to

More information

THE PAYMENT ECOSYSTEM

THE PAYMENT ECOSYSTEM AT A GLANCE: THE PAYMENT ECOSYSTEM 1 AT A GLANCE: THE PAYMENT ECOSYSTEM AT A GLANCE: THE PAYMENT ECOSYSTEM 1 Payment ecosystems is a term that typically evokes complexity and confusion among novices and

More information

BEST-IN-CLASS MERCHANT SERVICES

BEST-IN-CLASS MERCHANT SERVICES BEST-IN-CLASS MERCHANT SERVICES First Data takes you beyond with merchant processing solutions that grow revenue and strengthen your customer relationships. HOW WILL YOU GO BEYOND? In an era when the banking

More information

How Online Payments Really Work

How Online Payments Really Work Insights for Businesses How Online Payments Really Work If you re thinking about setting up an online store, you re in good company. Shoppers are increasingly turning to online options, as their access

More information

Secure Financial Transactions Any Time, Any Place

Secure Financial Transactions Any Time, Any Place Secure Financial Transactions Any Time, Any Place Euronet Software Solutions Gold-Net Global Payment Solution Become a Processor Providing Authorization, Clearing, Settlement, Value Added Services and

More information

Cash 257 Merchant Services and Revenue Collection

Cash 257 Merchant Services and Revenue Collection CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit

More information

Euronet s Contactless Solution

Euronet s Contactless Solution Serving millions of people worldwide with electronic payment convenience. Euronet s Contactless Solution Fast, Secure and Convenient Transactions with No Swiping, PIN or Signature Copyright 2011 Euronet

More information

Empowering Retails with Electronics and Mobile Payment

Empowering Retails with Electronics and Mobile Payment Empowering Retails with Electronics and Mobile Payment ASEAN Financial Institution Conference 2013 1st Edition in Yangon 1st March 2013 Ng Kian Seng ManagePay Group Malaysia 0 Agenda ManagePay Corporate

More information

Merchant Payment Solutions

Merchant Payment Solutions Merchant Payment Solutions Credit Card Processing Diagram CUSTOMER S CREDIT CARD ISSUING BANK CUSTOMER 4 5 $ MERCHANT S BUSINESS MERCHANT S BANK ACCOUNT MERCHANT S BANK 9 CREDIT CARD NETWORK 8 INTERNET

More information

Vantiv, Inc. (Exact name of registrant as specified in its charter)

Vantiv, Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December

More information

(dollar amount beyond which authorization is mandatory) may be included in the batch.

(dollar amount beyond which authorization is mandatory) may be included in the batch. credit card fees by Michael L. Kasavana, Ph.D., NCE, CHTP 2009 Hospitality Upgrade No NAMA reproduction Professor in or Hospitality distribution Business without permission. The School of Hospitality Business

More information

GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY

GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY Acquiring Bank The bank or financial institution that accepts credit and/or debit card payments for products or services on behalf

More information

Creating Lasting Value With A Point-of-Sale Cash Program

Creating Lasting Value With A Point-of-Sale Cash Program Creating Lasting Value With A Point-of-Sale Cash Program Key insights of Discover Network Cash Over usage to build merchant loyalty and create differentiation A Discover Network White Paper for Merchants

More information

PayLeap Guide. One Stop

PayLeap Guide. One Stop PayLeap Guide One Stop PayLeap does it all. Take payments in person? Check. Payments over the phone or by mail? Check. Payments from mobile devices? Of course. Online payments? No problem. In addition

More information

MerchantPro Express (MPX)

MerchantPro Express (MPX) Company Profile MerchantPro Express (MPX) MerchantPro Express (MPX) is a credit card payments processing company, powered by industry leader First Data, that provides state of the art processing services

More information

Secure Credit Card Processing from EPX

Secure Credit Card Processing from EPX The EPX BuyerWall Advantage Secure Credit Card Processing from EPX Revolutionizing the Payments Industry with Secure, Cost-Effective Solutions Realizing the increased focused on PCI-compliance, EPX is

More information

We believe First Data is well positioned to take advantage of all of these trends given the breadth of our solutions and our global operating

We believe First Data is well positioned to take advantage of all of these trends given the breadth of our solutions and our global operating Given recent payment data breaches, clients are increasingly demanding robust security and fraud solutions; and Financial institutions continue to outsource and leverage technology providers given their

More information

EDUCATION - TERMS 101

EDUCATION - TERMS 101 EDUCATION - TERMS 101 ACH (Automated Clearing House): A processing organization networked with others to exchange (clear and settle) electronic debit/credit transactions (no physical checks). ABA Routing

More information

ROI Credit Card Processing. ROI Check Verification. Copyright 2000 by MaddenCo, Inc All rights reserved.

ROI Credit Card Processing. ROI Check Verification. Copyright 2000 by MaddenCo, Inc All rights reserved. ROI Credit Card Processing & ROI Check Verification MaddenCo Inc. December 2001 Copyright 2000 by MaddenCo, Inc All rights reserved. 2 Introduction...5 Tender Maintenance...6 Credit Card Validation Process...7

More information

Merchant Account Service

Merchant Account Service QuickBooks Online Edition Feature Guide Merchant Account Service C o n t e n t s Introduction............................. 2 What is a merchant account?.................. 2 What types of credit cards can

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions INTRODUCING MASTERPASS WHAT IS MASTERPASS? WHAT ARE THE BENEFITS OF MASTERPASS? WHAT IS THE CUSTOMER EXPERIENCE WHEN MY CONSUMER CLICKS ON BUY WITH MASTERPASS? CAN MY CUSTOMERS

More information

Interchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees

Interchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees Interchange Plus Pricing Bringing Transparency to Credit Card Processing Fees Industry Whitepaper by Marlon Harris, emerchant Inc. Most credit card processors simplify the complexity of interchange by

More information

American Express and Discover are proprietary entities performing the functions of both a card association and an issuing bank.

American Express and Discover are proprietary entities performing the functions of both a card association and an issuing bank. ELECTRONIC VALUE TRANSFER CONTRACT (EVT) CREDIT CARD BACKGROUND INFORMATION What is a Credit Card? A credit card is a plastic card issued to an individual or business which is accepted by participating

More information

World-wide trends in innovation on the acquiring side

World-wide trends in innovation on the acquiring side World-wide trends in innovation on the acquiring side CPSS-World Bank retail payments forum Perugia, March 19 th 2013 Edgar, Dunn & Company, 2013 Yogesh Oka Yogesh.Oka@edgardunn.com David Poe David.Poe@edgardunn.com

More information

Trends in Merchant Payment Acceptance

Trends in Merchant Payment Acceptance Trends in Merchant Payment Acceptance December 6, 2007 Credit approval required. Merchant accounts are issued through BB&T Bankcard Corporation, a Georgia Corporation, Member FDIC. 2007 BB&T. All rights

More information

Cost-management strategies. Your guide to accepting card payments cost-effectively

Cost-management strategies. Your guide to accepting card payments cost-effectively Cost-management strategies Your guide to accepting card payments cost-effectively Table of Contents Guidance from Wells Fargo Merchant Services...3 The secret to better interchange rates...4 Why interchange

More information

The Adoption of EMV Technology in the U.S. By Dave Ewald Global Industry Sales Consultant Datacard Group

The Adoption of EMV Technology in the U.S. By Dave Ewald Global Industry Sales Consultant Datacard Group The Adoption of EMV Technology in the U.S. By Dave Ewald Global Industry Sales Consultant Datacard Group Abstract: Visa Inc. and MasterCard recently announced plans to accelerate chip migration in the

More information

Accepting Credit Card Payments

Accepting Credit Card Payments Accepting Credit Card Payments An Introduction Objectives Understand the Credit Card Acceptance Process What Type of Merchant are You How to Choose An Acquirer How to Get It All Going for Non Cash Payment

More information

Global Payment Solutions. Reseller and Partner Program Overview

Global Payment Solutions. Reseller and Partner Program Overview Global Payment Solutions Reseller and Partner Program Overview About Aramor Payments Based in Toronto, Canada, Aramor Payments is an innovator in e-commerce solutions 8 years experience in the payments

More information

Getting Started. Quick Reference Guide for Payment Processing

Getting Started. Quick Reference Guide for Payment Processing Getting Started Quick Reference Guide for Payment Processing In today s competitive landscape, you have many choices when it comes to selecting your payments provider, and we appreciate your business.

More information

The Science of Credit Card Processing

The Science of Credit Card Processing The Science of Credit Card Processing Page 1 Credit Card Processing How does credit card processing work? You may receive credit card payments from customers from a variety of sources. You may swipe their

More information

This page intentionally left blank

This page intentionally left blank This page intentionally left blank START YOUR MERCHANT SERVICES ACCOUNT By Wendy Byford The ebook companion to the elearning module Start Your Merchant Services Account with Wendy Byford & Gary Bauer Start

More information

Selecting a Secure and Compliant Prepaid Reloadable Card Program

Selecting a Secure and Compliant Prepaid Reloadable Card Program Selecting a Secure and Compliant Prepaid Reloadable Card Program Merchants and other distributors of prepaid general purpose reloadable (GPR) cards should review program compliance as an integral part

More information

Accepting Credit Cards 101

Accepting Credit Cards 101 1 Accepting Credit Cards 101 Payment Cards: A Brief History and the Invention of. The Key Players: The Associations, Member Banks, Processors, Service Providers, Agents, Cardholders, and Merchants : Card

More information

Travel Card. Cardholder Frequently Asked Questions. June 2014 T.FQ.S.20141.E

Travel Card. Cardholder Frequently Asked Questions. June 2014 T.FQ.S.20141.E Travel Card Cardholder Frequently Asked Questions Travel Card (1) Where can I use my card? Your card may be used anywhere debit cards are accepted. The brand marks on your card indicate where the card

More information

Your gateway to card acceptance.

Your gateway to card acceptance. MERCHANT SERVICES Authorize.Net Solutions Your gateway to card acceptance. Processing transactions reliably and securely is essential to your business. That s why BBVA Compass and Authorize.Net, a leading

More information

THE ABC S of CREDIT CARD TERMINOLGY

THE ABC S of CREDIT CARD TERMINOLGY THE ABC S of CREDIT CARD TERMINOLGY ACH Credit A transaction through the ACH network that results in money being placed in the receiver's account at the destination financial institution. Acquiring Bank

More information

the region s leading payments company

the region s leading payments company Market Presence EMP's vision is to be the leading electronic payments processing company in the emerging markets of Africa and the Middle East. EMP's mission is to be at the forefront of the region's electronic

More information

Spotlight on Product & Service: Worldpay - End-to-End Payments Secure Platform at Most Cost-Effective Rates. Accept payments. Anywhere. Anytime.

Spotlight on Product & Service: Worldpay - End-to-End Payments Secure Platform at Most Cost-Effective Rates. Accept payments. Anywhere. Anytime. Newsletter Vol. 87 - Introduction Softengine News is dedicated to keeping you up to date with the latest information regarding SAP Business One systems, Softengine solutions and Best Business Practices.

More information

Merchant Payment Solutions

Merchant Payment Solutions Merchant Payment Solutions What We Do Connecting your Web site to the payment processing networks is typically beyond the technical resources of most merchants. Instead, you can easily connect to the Authorize.Net

More information

Cards and e-commerce payments in Macedonia. Ohrid June 2012

Cards and e-commerce payments in Macedonia. Ohrid June 2012 Cards and e-commerce payments in Macedonia Ohrid June 212 Payment cards in Macedonia All 16 banks work with payment cards, from which15are members of international card schemes (Visa/MasterCard/American

More information

First Data ISO Reseller Program. Build an independently operated business with outstanding long term income potential.

First Data ISO Reseller Program. Build an independently operated business with outstanding long term income potential. First Data ISO Reseller Program Build an independently operated business with outstanding long term income potential. First Data is an industry leader in providing payment solutions, working closely with

More information

II. CREDIT CARDS GENERAL OVERVIEW

II. CREDIT CARDS GENERAL OVERVIEW II. CREDIT CARDS GENERAL OVERVIEW WHAT IS A CREDIT CARD In its non-physical form, a credit card represents a payment mechanism which facilitates both consumer and commercial business transactions, including

More information

CREDIT PROCESSING. First Data takes you beyond with Credit solutions designed to meet the ever-evolving needs of your customers.

CREDIT PROCESSING. First Data takes you beyond with Credit solutions designed to meet the ever-evolving needs of your customers. CREDIT PROCESSING First Data takes you beyond with Credit solutions designed to meet the ever-evolving needs of your customers. Enabling innovative solutions through strategic alliances HOW WILL YOU GO

More information

Processing Solutions. One Source for All Your Processing Needs! www.mfsps.com

Processing Solutions. One Source for All Your Processing Needs! www.mfsps.com Processing Solutions One Source for All Your Processing Needs! Thank you for the opportunity to earn your Credit Card processing business. Our merchants expect and receive excellent service and the most

More information

Payroll Card Position Paper July 2004

Payroll Card Position Paper July 2004 Payroll Card Position Paper July 2004 This document is and remains the proprietary information of CU Cooperative Systems, Inc. It is intended for the use of the recipient s organization only and any distribution

More information

Unexpected Findings. How Level 3 Reduces Your Cost for Processing Business Transactions

Unexpected Findings. How Level 3 Reduces Your Cost for Processing Business Transactions Unexpected Findings How Level 3 Reduces Your Cost for Processing Business Transactions By the time you finish reading this, you ll be three minutes closer to lowering your Visa and Mastercard rates and

More information

Credit vs. Debit: The Network Perspective

Credit vs. Debit: The Network Perspective July 25, 2010 Credit vs. Debit: The Network Perspective Richard Santoro, Vice President, Government Affairs MasterCard Worldwide 1 Overview Origins of Payment Cards Four-Party Payment System Model Anatomy

More information

Download at http://www.nfib.com/paymentquestions

Download at http://www.nfib.com/paymentquestions Payment Processing Best Practices: Tools, Tips and Resources to Save Time and Money Kathleen Ervin, Vice President of Marketing Ron Demmans, Director of Sales Administration Download at http://www.nfib.com/paymentquestions

More information

Credit Card Processing Summer Lunch & Learn 2016

Credit Card Processing Summer Lunch & Learn 2016 AGENDA 1. The Different Ways to Process Cards 2. EMV Chip Cards What You Need to Know 3. Understanding the Industry s Complex Pricing Structure 4. American Express The New Rate/Deposit Plan.Good News!

More information

CREDIT CARD PROCESSING GLOSSARY OF TERMS

CREDIT CARD PROCESSING GLOSSARY OF TERMS CREDIT CARD PROCESSING GLOSSARY OF TERMS 3DES A highly secure encryption system that encrypts data 3 times, using 3 64-bit keys, for an overall encryption key length of 192 bits. Also called triple DES.

More information