Credit Card Processing Glossary Of Terms
All credit card processing companies charge the types of
fees shown above.
Below are definitions of commonly associated with
merchant accounts and credit card processing.
Discount Rate
The discount rate is a percentage fee that is charged on
each credit card transaction. Depending upon which
credit card is used the discount rate goes to Visa,
MasterCard, American Express, Discover and your credit
card processor.
Transaction Fee
A transaction fee is charged each time a credit card
processing transaction is made.
Monthly Customer Service Fee
A fee charged to maintain your account and provide
merchants with access to customer service.
Payment Gateway
With a secure gateway you are able to pass your
customer's credit card processing information securely
to the credit card processing company for authorization
and approval.
Internet accounts, ecommerce shopping carts, wireless
terminals all use payment gateways. These payment
gateways provide a secure link from your website,
wireless device or custom ecommerce solution to the
credit card processing company so that you can pass your
customer's credit card processing information securely
to the credit card processing company. Before approval
of a transaction the credit card processing company's
may run different fraud checks to help reduce merchant
losses.
"Make sure when you are quoted prices that you are
getting a quote for both the merchant account and
internet or wireless gateway as you will need both to
accept credit cards online or via a wireless credit card
machine."
(We have no hidden fees.) After you place an
online order for equipment you will receive a free rate
quote and a detected account manager that can answer any
questions you may have. We will not charge you, or ship
any equipment ordered until you approve and accept the
First Data Independent Sales merchant account service
agreement. With our Rapid Online Application (ROLA), you
submit your online merchant account application into the
system for the fastest* approval on your application.
Once approved your equipment will be activated and
shipped to you. We handle the complete merchant
account setup and equipment activation. You, just open
the box and start accepting credit cards!
Wireless Access Fee
Monthly fee which applies to merchants with a wireless
credit card terminal. It gives you access to a wireless
provider for running your credit card processing
transactions.
Monthly Minimum
Charged to merchants with no activity on their accounts.
Charged monthly by credit card processing companies.
Prorated (reduced) for merchants with low activity, "low
processing volumes."
*
Programming, activation and shipping charges may apply
on equipment orders.First Data Independent Sales is a
leading wireless transaction service provider, offering
a complete range of wireless credit card processing
solutions as well as traditional and Internet consumer
payment options.
Businesses such as mobile merchants (e.g., taxi drivers
and limousine services) retailers, even restaurants can
benefit from the new wireless processing technology.
Mobile retailers no longer need to rent expensive phone
lines while at trade shows and flea markets.
All our products are out of the box solutions including
everything you need to start processing right away.
"When shopping for a wireless or internet merchant
account make sure when you are quoted prices that you
are getting a quote on both the merchant account and
wireless or internet payment gateway as you will need
both to accept credit cards online"
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