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Merchant Services Terms - AThese terms occur frequently in both the merchant services industry and on our website.
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.
An algorithm is a mathematical formula which converts data to codes, in combination with a secret key for encryption.
Application Primary Account Number (PAN)
Application Primary Account Number (PAN) is the customer's account number. The number is linked to a particular application on the Integrated Circuit Card (ICC).
An Authorization Code indicating that the Transaction is approved and the Card may be honored.
A required procedure by which a Merchant requests approval of a Transaction from the Issuer.
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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