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Acquiring Bank/Merchant Bank
The bank that does business with merchants enabling them to accept cards. A merchant has an account with this bank and each day deposits the value of the card sales.

Acquiring Processor
The processor provides card processing, billing, reporting, settlement and operational services to acquiring banks.

Authorization
An authorization confirms the validity of a card number and expiration date and determines there are funds to cover the transaction. The authorized funds are now “reserved” for your sale. If you delay processing your transactions, the “reserved” funds will be released and you increase the risk that funds are no longer available to cover the transaction. A valid authorization does not guarantee a sale from chargeback or fraud.

Batch
The accumulation of captured transactions waiting to be deposited and settled. Multiple batches may be settled throughout the day.

Capture
Converting the authorization amount into a billable transaction record within a batch. Transactions cannot be captured unless previously authorized.

Cardholder
Person who makes purchases using a card.

Discount Rate
The fee the merchant pays to the merchant bank for the services provided with the merchant account and the ability to deposit the value of each day's credit purchases. The fee is a percentage of the transaction amount.

Interchange
The complex system that allows for the exchange of information, transaction data and funds between merchant and issuing banks. The interchange system is managed by the card associations and is standardized so banks and merchants worldwide can use them.

Interchange Rate
The rate paid by the merchant to the merchant bank and then ultimately received by the issuing bank. It compensates the issuer for the time after settlement with the merchant bank and before it recoups the value from the cardholder.

Issuing Bank
The bank that extends credit to cardholders through card accounts. The bank issues the card and receives the cardholder's payment at the end of the billing period. Also called the cardholder bank.

Settlement
As the transaction value moves from the merchant to the acquiring bank, to the issuer, each party buys and sells the sales ticket. Settlement is what occurs when the acquiring bank and the issuing bank exchange data and funds during that function.

Ticket
Another name for the sales slip or transaction.