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Credit and credit cards

Credit and credit cards. Cardholder . An owner or “holder” of a credit or debit card or the person who is using a credit card to pay for goods or services . Issuing bank. The institution that provides credit or a card to a customer Examples: American Express, MasterCard, Visa.

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Credit and credit cards

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  1. Credit and credit cards

  2. Cardholder • An owner or “holder” of a credit or debit card or the person who is using a credit card to pay for goods or services

  3. Issuing bank • The institution that provides credit or a card to a customer • Examples: American Express, MasterCard, Visa

  4. Merchant account • The “go-between” account that acts as an intermediary between your business bank account and your customers’ credit accounts.

  5. chargebacks • Returns from a merchant account or funds that are “charged back” to a purchaser. Chargebacks are usually associated with fraudulent or unauthorized transactions

  6. Chargeback fees • The penalties or fees associated with processing a chargeback. Fees are usually calculated per-occurrence or according to the merchant account’s policies

  7. Magnetic transactions • Processing a credit card transaction using a magnetic terminal. (When you use your credit card to pay for things in person)

  8. Processing transactions • Software needed to process cards online. Processes your information similar to that if you had swiped your card and sends the copy to the merchant account

  9. Net Settlement • The total dollar amount transferred after a series of sales has been processed, usually at the end of the business day

  10. Pass-through fee • A fee assessed when a transaction fails, typically because account information cannot be verified

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