Credit Card Processing Vendors in Pennsylvania
Knowing the terms, or the language of the vendors would immensely help you in the process of acquiring credit card processing services. When you can speak with vendors in their own language, you will come across informed and knowledgeable, which you will likelier get a better deal. The following are some important terms to become familiar with:
Cardholder: Your customer, or the person who uses a credit card to pay for good or services provided by your business.
Issuing bank: or “Issuer,” this is the bank that has issued the card to the customer.
Magnetic and non-magnetic transactions: A magnetic transaction is when the card is swiped through a magnetic reader such as a credit card machine. Non-magnetic transactions are processed either over the phone or the Internet without the physical card being presented to the merchant.
Net settlement: The amount transferred into your bank account once a sale has been completed.
Reserves: The withholding of a portion of every transaction to keep on reserve in case of chargebacks.
