Retriever Payment
Systems

 

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Glossary
ABA Routing Number:  Unique bank identifying number that directs electronic Automated Clearing House deposits into the proper bank.  This number precedes the account number at the bottom of a check.

ACH (Automated Clearing House):  A method of transferring money between banks via the Federal Reserve System.  This is usually a measure of the amount of time to move funds from your credit card terminal to your bank account.

ACH Reject Fee:  The ACH fee is imposed when a merchant's payment of monthly fees bounces for any reason.  Similar to a nonsufficient funds fee imposed by a bank.

AMEX:  Short for American Express.

Annual Fee:  This is a fee due every year for the privilege of using a service or product.  Retriever Hawaii does not have an annual fee.

Approval:  A code issued by the card issuing bank allowing a sale to be placed against the cardholder's account.  Approval means that the amount of the sale is within the cardholder's credit limit, and the card has not been reported lost or stolen.

Average Ticket:  The average dollar amount of a merchant credit card transaction.

Address Verification Services (AVS):  Address Verification Service is a fraud prevention service that compares the billing address provided by the cardholder in the transaction with the card issuing bank's records and verifies that they match.

Batch:  A group of credit card transactions settled at the same time, usually transactions ran within one calendar date.

Batch Fee:  A batch fee is charged whenever a merchant "settles" a terminal. 

Bi-directional read:  This is a term used for a credit card terminal that reads credit cards either way you swipe.  Face up or face down, it does not matter.

Bundle:  Retriever Hawaii offers two types of credit card processing fees:  one with a percent AND a per transaction fee, and one fees which includes both.  If you have a low ticket amount and a many transactions, a bundled fee may work best for you.  A bundled rate may also be referred to as a flat rate.

Business to Business:  Selling goods or services business to business, not retail as a business to consumer transaction.


Capture:  Processing terminology for electronic deposit of credit card transactions.

Card Present:  When the cardholder is present at the time of sale for signature verification.

Chargeback:  Processing bank is forced to reverse a merchant sale because the card issuing bank (cardholder) disuptes the sale.  The merchant then has the opportunity to appeal, and prove the sale is valid.

Check Processing:  Ever have a check bounce, and you eat not only the lost revenue, but also the goods and/or services which are also gone?  Retriever Hawaii offers several answers for immediate fund verification from checks with
check imagers.

Credit:  This is processing terminology for credit a cardholder account.  Money is debited from the merchant account and paid back to the cardholder.

CVV Number:  This is the unique three or four digit code issued on each individual credit card to verify the card number.  For AMEX cards, this is the four digit code printed on the right front of the card.  For all other cards, this is the three digit code printed on the back of the card.

Debit Card:  The type of an account where the amount of any transaction is debited directly from the cardholders checking account.

Decline:  The response to a transaction authorization attempt that means the card issuing bank will not accept the charge.  The merchant must ask for another form of payment.

Discount Rate:  The percentage of each sale the merchant pays to theprocessing bank to turn Visa/Mastercard funds into cash.

Download:  The program Retriever Hawaii builds for a credit card terminal according to the features the merchant requests.

E-Commerce:  Selling goods or services using the internet. 

Electronic Draft Capture (EDC):  Electronic authorization and deposit of credit card transactions without submission of paper drafts to bank for payment.

Franking:  When a check is verified by the RDM check imager, it marks the check with red ink across it and essentially cancels the check.  Since the funds are then stored in the RDM check imager, you can then hand the cancelled check back to the customer as their receipt.  Franking is the process in which the red mark is put on the check.

Gold Package:  This is a package Retriever offers, which is standard with all of our merchants.  For a low $11.95 per month, you get unlimited paper supplies, and a warranty on your credit card equipment for as long as your process with Retriever (valid after 60 days processing with existing equipment).

Goods and Services:  Merchandise or services the merhcant is selling.

 




Keyed Entry:  This is when a credit card number, and other information such as the expiration date, CVV number and name on the card is punched into the credit card machine or software.  The card may be present for this transaction, or the information may be put into the machine/software from another source (via email, for example).  Doing this puts the transaction at the mid-qualified rate.

Lease:  This is one option of gaining credit card processing equipment.  This is a monthly fee for a set amount of months (usually 48), with a buy-out option at the end.  The monthly lease fee is different from the monthly credit card processing fees.

Mag Stripe:  Magnetic strip located on the back of credit cards that contains the cardholders information such as account number, expiration date and name of cardholder.

Merchant Identification Number (MID):  Unique number from Retriever identifying a merchant.

Mid-Qualified Rate:  Also known as the partially qualified rate, the mid-qualified rate is the percentage rate merchants are charged whenever they accept credit cards that do not qualify for the lowest rate.  This can happen for several reasons including 1) A consumer credit card is keyed into a credit card terminal instead of being swiped; 2) A special kind of credit card is used, such as a rewards card, foreign card, purchase or business card; or 3) A transaction is being held in the terminal or software without being batched within the specified amount of time (24 to 48 hours).

MOTO (Mail Order/Telephone Order):  When the cardholder is not present at the time of the sale.

NDC:  Termianl capture telecommunications network owned by the National Data Corporation.

Non-Qualified Rate:  The non-qualified rate is the highest percentage rate merchants are charged whenever they accept credit cards.  All transactions that are not qualified or mid-qualified will fall into this rate category.  This may happen due to 1)  A consumer credit card is keyed into a credit card terminal instead of swipes, and address verification is not performed; 2)  A special kind of credit card is used, such as a business card, and all required fields are not entered; or 3) A merchant does not settle  the daily batch within the allotted time frame. 

Off-Line:  This is when the credit card processing is done away from the merchant services connection, such as a manual imprinter, and the sales are verified later.  Running credit and debit cards off-line carries a huge liability with no guarantee of payment.

On-Line:  This is when the credit card machine is plugged into the merchant services connection, allowing the merchant to approve sales and verify funds immediately.

Payment Gateway:  This is an e-commerce service that authorizes payments for e-businesses and online retailers.  An example would be authorize.net.  It is the online equivalent of a physical POS terminal located in most outlets.

POS:  Point of Sale.

Processor:  Large computer center that processes data from Visa/Mastercard sales and settles funds to merchants.

Qualified Rate:  A qualified discount rate is the percentage rate merchants are charged whenever they accept regular consumer credit cards and process them in a mnanner that has been defined as "standard" by their merchant account providers.  Typically, this requires that the cards be electronically swiped and the transaction settled within 24 hours.

Real Time Processing:  Refers to processing an E-Commerce transaction immediately.

Refund Policy:  The merchant's policy regarding refunds or returns of goods or services within their business.

Reprogram Fee:  This is where an existing merchant, who already has a credit card terminal or software, wants to transfer their processing to Retriever.  There is a one-time fee for the program download.

Retail Business:  Any business selling their goods or services face to face with customers.  All transactions are Card Present.

Retrieval Request:  A written request to merchant from the card issuing bank/cardholder for a copy of a particular sales draft, or proof of sale.

Routing Number:  The unique bank identifying number directing electronic ACH deposits to a particular bank.

Sale: Money debited from the cardholder's account and paid to the merchant.

Seasonal Sales:  A merchant's business which operates only part of a year and is closed the other part of the year.  Example:  Snow Removal or Landscaping.

Statement: A report showing all the transactions a merchant runs in a month, including a breakdown by card type and all associated fees.  For an example of a statement, click here. 

Swiped Entry:  When a credit card is present and used directly in the credit card machine for magnetic transfer of sale information.

Transaction Fee:  This is a fee put on each transaction, usually 15 cents.  This fee can be bundled to include the per transaction fee.

Voice Authorization:
  A form of authorization on a credit card using a telephone for communication.

Wireless:  The use of a terminal that dials out using a wireless capability rather than a standard phone line.  The new terminals use digital technology.

Wireless Fee:  If you use a wireless machine, there is a monthly wireless fee and a small additional per transaction fee for the wireless transaction.  If you are a mobile merchant, especially one at tradeshows, these fees are a low cost to pay to verify funds!

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