Payment Processing & Merchant Services Merchant Account A business bank account that accepts credit and debit card payments.
Payment Processing & Merchant Services Merchant of Record (MoR) The entity legally responsible for a transaction with the cardholder.
Payment Processing & Merchant Services Network Fee Fees charged by Visa, Mastercard, Amex, or Discover for using their networks.
Payment Processing & Merchant Services Payment Gateway Software that securely transmits card data from a customer to a payment processor.
Payment Processing & Merchant Services PCI Compliance Following the Payment Card Industry Data Security Standards to protect card data.
Payment Processing & Merchant Services PCI DSS Payment Card Industry Data Security Standard — the security framework for cardholder data.
Payment Processing & Merchant Services Point of Sale (POS) The hardware and software used to accept customer payments at the time of sale.
Payment Processing & Merchant Services Pre-Authorization A temporary hold on funds before a final transaction amount is known.
Payment Processing & Merchant Services Recurring Billing Automatically charging a customer on a regular schedule.
Payment Processing & Merchant Services Refund Returning funds to a customer through the original payment method.
Payment Processing & Merchant Services Reserve Account Funds a processor holds back to cover potential chargebacks or losses.
Payment Processing & Merchant Services Card-Present Transaction A transaction where the card is physically swiped, dipped, or tapped — generally lower risk.
