Verifone Omni 3750 Dual comm Manual
Below is a glossary of terms common to the merchant services arena.
ABA Routing Number:
This 9-digit number is assigned by the American Banker’s Association and is used to identify individual banks. When performing an ACH transfer from one bank account to another, this number is used to assist the electronic routing of funds.
Access Number:
An access number is a telephone number used by the modem in a computer to communicate with an Internet Service Provider allowing for online access.
ACH (Automated Clearing House):
A processing organization networked with others to exchange (clear and settle) electronic debit/credit transactions (no physical checks).
Acquiring Bank:
This is the status of a Visa/Master Card member bank that establishes and maintains the merchant relationship and processes all merchant transactions.
Address Verification Service (AVS):
AVS is a tool for merchants to reduce the risk associated with card not present transactions, such as mail order, telephone order or Internet transactions. The billing address given by the customer is passed in the transaction and it is checked against the billing address on file at the customer’s card issuing bank.
Annual Fee:
A fee charged to Merchants, which can be used to lower the discount rate.
Application Fee:
This is a fee for processing the paperwork and setting up the account.
Arbitration:
The procedure a member can use to resolve a chargeback-related dispute between two members. MasterCard or Visa resolves the dispute between members and decides responsibility for the fines that may be assessed to the participating members.
Authorization:
This is a process where an issuing bank or authorized agent approves a transaction for the specified amount. This process takes place by the merchant via telephone or terminal before the transaction is completed.
Authorization Code:
This code is given by the credit card issuer and authorizes a specific transaction. This number should be saved for future reference.
Authorization Fee:
A communication charge for each transaction (Sale, Credit, Void), and each time a merchant closes a batch of transactions.
Automated Response Unit (ARU):
An ARU allows the manual keyed entry and subsequent authorization of a credit card over a cellular or land-line telephone. A business typically imprints their customer’s card with an imprinter and then processes the transaction instantaneously over the phone.
