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Archives: Glossary Terms

Rolling Reserve

What is a Rolling Reserve in Payment Processing? A rolling reserve is what some banks use to cover their exposure to risk on accounts that

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Reserve

A common practice in which a cash reserve is established by the processing bank (similar to an escrow account) to protect themselves against catastrophic losses.

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Refund Policy

Written policy regarding exactly how the merchant guarantees products or services sold to a cardholder. Merchant banks require a written refund policy for each applicant,

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Qualified

The “base” discount rate that merchants are charged on Credit card transactions that are either (A) Card-present sales that are swiped through a POS and

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Purchase Cards

Purchase Cards are credit cards for use by employees of government agencies or corporations. What differentiates purchase cards different from regular credit cards is that

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POS

No, not that kind of POS! A Point of Sale Terminal or POS is the hardware used to process credit card or check transactions in

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Pinpads

Pinpads are small boxes with a 10-key pad on them. Connected to a processing terminal, they are used by cardholders to enter PIN numbers for

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Non-Qualified

A discount rate that is billed in addition to the “Qualified” discount rate, usually for one of these reasons: (A) a retail merchant passing a

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NACHA

The Electronic Payments Association, formerly the National Automated Clearing House Association. This association controls the regulations governing over 1000 check processing institutions, including eCheck and

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