Address Verification Service (AVS)
A fraud-reduction service that allows the Merchant to verify a Cardholder's billing address prior to completing a Card Not Present Transaction.
Approval Code
An Authorization Code indicating that the Transaction is approved and the Card may be honored.
Authorization
A required procedure by which a Merchant requests approval of a Transaction from the Issuer. See also Magnetic Swipe Authorization, Manual Entry Authorization or Voice Authorization.
Authorization Code
The code sent by the Issuer in response to an Authorization request that indicates whether the Transaction is approved. Responses may include: "Approved", "Declined", "Declined Pick-Up" or "Referral" ("Call Auth").
Automated Clearing House (ACH)
The funds transfer system governed by the rules of the National Automated Clearing House Association. ACH allows financial institutions to clear interbank entries electronically. A Merchant's DDA is debited and credited via ACH.
Automated Teller Machine (ATM)
Automated Teller Machines, cash points, allow you to access cash with a credit card or other card associated with your bank account. You need to enter your Personal Identification Number (PIN) into the machine to access cash.
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