Credit Card Merchant Agreements ~~Financial Matters of Life ~~
Summary of Credit Card Terms – Part 4 (mp)
Magnetic Stripe – A magnetic stripe contained on a credit card process transactions where the card is present. This provides identifying information that will allow merchants to charge customers account via the issuer. The magnetic stripe has magnetic and physical attributes as defined by standard parameters including 7813, 7810 and 7811.
Merchant Mail Order – A trader who conducts business transactions where the credit or debit card is not present
Mail Order Transaction – A credit card credit or debit card transaction that occurs when the credit card or debit card is not present.
MasterCard – This is the trade name of the credit card company MasterCard International Inc., which is based in the U.S. However, offices worldwide. MasterCard are among the largest Credit card companies in the world.
MasterCard Acquirer – This is a member who has signed a commercial contract with MasterCard. This organization offers cash withdrawal service to a MasterCard cardholder, before the exchange transaction directly or indirectly.
MasterCard – A credit card distributed directly or indirectly by MasterCard that has the MasterCard symbol on it. This allows the cardholder to obtain goods or services from a merchant.
MasterCard Issuer – An entity that has privileges to issue MasterCard credit cards.
Merchant – This is a company or business that has an agreement with investment banks where by it can cause certain operations.
Merchant Agreement – This is a contract, usually in the form of a written statement of obligations which defines the conditions under which the merchant bank and the merchant trade, the terms may include warranties, rights, responsibilities and other terms relate to how or who do the expected or possible consequences.
Merchant Bank "This is a company that signed contracts with merchants to accept deposits on its behalf in connection with credit card and debit card transactions.
Minimum Payment – The minimum amount of credit that are required balance eliminate credit card with the receipt of a credit card.
Online Merchant – A merchant who conducts business transaction where the credit card or debit card is not present
Online transaction – A credit card or debit card transaction that occurs when the credit card or debit card is not present.
Online Transactions Financial – See Online Transaction Summary
Over Limit – This refers to when a cardholder has passed its credit designated in a transaction.
Over Limit Fee – This is an obligation in the form of a fee that some credit card holders may be required to pay if your account goes beyond their credit limit. Note that this could be a higher percentage, but is more likely to be a fixed rate.
PAN – See Primary Account number for the summary
Password – This usually refers to a password to access account information and transaction processing through Internet, where password is the word used in the context of credit cards. Ensure the password is not related to their circumstances and personal life, while a mixture of uppercase and lowercase letters and numbers is the best way to ensure maximum security for your online account. Also recommended that the password contains at least 8 digits.
About the Author
This article is written by Devin Gilliland publisher for credit-wisdom.com and jetclient.com
Merchant Account
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