Basically, Interchange fees are charged by banks for using a credit card. These rates do not change and are included to your processing bill. Credit card processors do not make up interchange rates. VISA, Mastercard, Amex, Discover regulates interchange rates. An interchange rate is a fee charged by banks that covers the cost of handling and credit risk inherent […]
Transaction Transaction: View Glossary and Payment Processing Terms
Transaction Date Transaction Date: The date when a transaction take place. View Glossary and Payment Processing Terms
Transaction Fees Transaction Fees: A service cost that is billed per individual transaction. View Glossary and Payment Processing Terms
Settlement Statement Settlement Statement: A document provided to the merchant showing all the merchants transactions and billing activity during a specified period. View Glossary and Payment Processing Terms
Shopping Cart Software Shopping Cart Software: Software that allow user to create an online store with a virtual shopping. Sales transactions and payments can be completed throught the software. View Glossary and Payment Processing Terms
Settlement Settlement: When a transaction has been completed between the aquiring bank and the issuer. When a merchant settle funds they are sent to the merchants account. View Glossary and Payment Processing Terms
Smart Card Smart Card: A payment card that has a chip in it. View Glossary and Payment Processing Terms