Merchant Terminology

1. bank identification number. The first 6 digits in a Visa or MasterCard account number
4. occurs when a charge is reversed, returning credit to a credit card customer from a merchant
6. a bank that processes and settles a merchant's daily credit card transactions and then in turn settles those transactions with the card issuer/association
7. Credit or debit card transactions in which the merchant does not see or touch the card.
8. occurs when a cardholder finds issue with a transaction
10. Near Field Communication. A wireless technology that allows data to be exchanged between two different devices
12. also called the discount rate or swipe fee, is the sum paid by merchants to the credit card processor as a fee for accepting credit cards
13. are numerical code that describe the reason why a dispute was filed

2. a company or bank that causes credit or debit cards to be issued
3. an alternative dispute resolution technique that keeps disputes out of the courts
4. 3 digit code on the back of a credit or debit card
5. a group of card-issuing banks or organizations that set common transaction terms for merchants, issuers and acquirers.
9. facilitates payment transactions and tracks and distributes funds
11. unauthorized use of a credit or debit card
14. A set of specifications developed by Europay, MasterCard and Visa defining what is needed to ensure data exchange between payment chip cards and terminals.