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Address Verification Service (AVS) - A fraud protection service offered through MasterCard and Visa that automatically checks the billing address provided by a client up against the billing address the charge card company has on file. Once checked, AVS gives merchants a return code that indicates how good the addresses match which is as much as the merchant to evaluate the danger and choose if they would like to enable the purchase. Batch - A selection of online transactions which are processed being a group, like orders which are batched for authorization. Card Authorization - This simply means the procedure for checking for adequate or authorized funds inside a cardholder's account. Capture - The entire process of converting the entire quantity of a certified transaction right into a transaction which can be directly deposited right into a retailer's processing account. Charge-back - A charge-back takes place when a client disputes a transaction as well as their issuing bank or charge card company forcibly initiates the return from the funds towards the customer. Processing Account - A processing account is a kind of banking account that enables online merchants to simply accept charge card payments directly on their site. The account functions as a contract involving the merchant, the financial institution that supplies the processing account, as well as the payment processor to settle all charge card transactions received online. Third-Party Processors - For merchants which do not qualify or usually do not need a processing account, another-party processor is really a company that processes payments (e.g. bank cards) on the part of a merchant. With many third-party processors, clients are typically forwarded from your merchant's web site to the payment processor's site to finish the transaction. Payment Gateway - Used along with a processing account, a payment gateway is definitely an online payment processing provider that really authorizes charge card payments. This is the online same as credit cards swipe machine utilized in many brick-and-mortar retail shops. Shopping Cart Application - Shopping cart application software program is a method or program that enables online shoppers to choose multiple items online and buy them when ready. The program automatically calculates the entire cost of entire orders for customers. Shopping cart application software should be suitable for payment gateway services. Author Bio: Paymentterms.org is an informational resource where you can find definitions of the merchant service industry terms. The glossary is regularly updated and extended, so you do not need to waste time searching for the explanation of a certain term. What is more, some payment processing industry concepts and phenomena are also described there.
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