Mid-Qualified Rate

A Mid-Qualified rate refers to the rate that is charged to merchant accounts through credit card processors. It is the middle tier in three-tier pricing schemes for credit card processors, with all three tiers being: Qualified, Mid-Qualified and Non-Qualified. Mid-Qualified … Continue reading

Batch Fee

The term “Batch Fee” is also known as a Daily Closeout Fee, A Settlement fee, a Batch Settlement Fee, A Batch Header Fee or a Batch Capture Fee. Batch Fee refers to the combined amount of credit card charges in … Continue reading

Acquiring Bank

An acquiring bank, also called an acquirer or an acquiring institution, is an entity that provides credit card processing services to merchants. They are the responsibility behind the transactions between the credit card holder and the merchant. Typically, acquiring banks … Continue reading

Signature Debit

To understand how signature debit works when talking about debit cards, one must understand the difference between a debit card and a credit card. Debit cards draw money from an account which already has funds in it. Credit cards draw … Continue reading

Issuing Bank

An issuing bank is the company that owns the credit or debit card that are issued to a customer. These banks send out the cards, manage account information for their customers, and more. Typically, the name of the bank appears … Continue reading

PIN Debit

Pin debits occur when customers swipe their debit cards, after making a purchase. The pin debit number is a secured four digit pin, known only to customers, who created the pin. Pin debit is referred to as Personal Identification Number. … Continue reading

Virtual Terminal

Virtual terminals allow merchants to accept credit card payments using a computer with an Internet connection. These applications require no software because they are web-based. They accept both keyed and swiped transactions just like virtually any credit card terminal found … Continue reading

Transaction Fee

Processing fees and merchant rates are terms used in sales and retail stores. The term transaction fees are defined as fees a merchant pays each time a credit card is swiped. Customers may or may not be charged a fee, … Continue reading