A transaction is “keyed” when the information from a credit card is manually typed into a terminal or computer. Keyed transactions pay higher rates than “swiped” transactions, as the card associations know that higher incidences of fraud and chargebacks occur on card not present transactions (if the card is present, it should be swiped to lower the risks associated with accepting card payments, and to obtain lower rates).
Keyed
- January 23, 2023
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