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Payment Glossary

By Victor Harrison,2014-09-11 21:00
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Payment Glossary -- from Authorize.Net

    Payment Glossary

     -- from Authorize.Net

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    A

    ABA Routing Number

    This nine-digit number identifies the financial institution associated with a customer bank account. To obtain a routing number, you may view a current check or deposit slip from this institution. For security reasons, the ABA routing number is displayed in masked format as XXXX6789 (only eight characters or digits are displayed

    regardless of actual length; the first four are masked with Xs, the last four are visible).

ACH

    See the entry for "Automated Clearing House (ACH) Network"

ACH Transaction (or Entry)

    A payment transaction to or from a Receiver processed via the ACH Network. The participants in an ACH

    Transaction are (1) the Originator, (2) the Third-Party Processor, (3) the ODFI, (4) the ACH Network, (5) the

    RDFI, and (6) the Receiver.

Account Late Payment Fee

    The fee charged by the payment gateway for late payment for the use of services. This fee is charged if payment is not received on or before the first business day following the tenth (10th) day of the month.

Account Number

    See the definition for Bank Account Number.

Account Owner Type

    The Account Owner Type indicates whether a person or a business holds the bank account for which gateway billing information is provided.

Account Reactivation Fee

    The fee charged by the payment gateway to reactivate a payment gateway account after it has been closed or

    terminated.

Account Type

    See the definition for Bank Account Type.

Acquirer

    The bank or financial institution for your merchant account (the bank account through which gateway processing

    settlement occurs).

Address

    The address entered either in the billing or shipping information of a given transaction.

Address Verification Status

    This value indicates the address match that that was performed during authorization. A code and narrative

    description are provided indicating the results returned by the processor.

Amount

    This represents the total amount that was submitted for authorization. This is equivalent to the authorization amount or payment amount of a transaction.

Amount Filter

    This feature is specific to the Fraud Detection Suite. When enabled, the Amount Filter allows you to set high and low transaction amount thresholds. Web-based transactions received with an amount outside of your thresholds

    are handled according to the configured filter action.

ARB

    See the entry for "Automated Recurring Billing (ARB)"

ARB Monthly Fee

    The monthly fee charged by the payment gateway for merchants using the Automated Recurring Billing service. In the event that the service is set up mid-month, this fee will be prorated.

ARB Setup Fee

    The one-time setup fee charged by the payment gateway for merchants using the Automated Recurring Billing service.

Authorization (also Payment Authorization)

    A paper or electronic document or record "signed" by the customer that authorizes a merchant to submit a charge transaction against their bank account.

Authorization Amount

    The amount of a transaction that is submitted to the authorizer for approval. This amount is reserved against the

    available balance of a customer credit card.

Authorization Code

    The code assigned to the transaction once it has been approved by the processor.

Authorization Only

    Transactions of this type are entered and submitted for authorization. These transactions will not be

    automatically submitted for settlement. In order to capture funds, you must first perform a capture action against the transaction.

Authorized/Pending Capture

    These transactions have been approved by the authorizer but have not yet settled. Transactions in this state

    have been authorized only and will not be settled until a capture action is performed against the transactions. These transactions will remain in an unsettled state until the capture action is performed.

Authorized/Pending Review

    This transaction status is specific to the Fraud Detection Suite. Transactions with this status have triggered one or more filters and have been placed in this state according to the configured filter action. These transactions are sent for authorization prior to review. They must be manually reviewed and either approved for settlement or voided.

Automated Clearing House (ACH) Network

    The ACH Network is the group of financial institutions and similar entities within the banking industry that work

    together to facilitate the processing, clearing, delivery and settlement services for eCheck.Net transactions.

    The ACH Network is governed by ACH Rules as promulgated by the National Automated Clearing House Association (NACHA).

Automated Recurring Billing (ARB)

    The Automated Recurring Billing service, also known as ARB, allows merchants to create a recurring billing schedule or ubscription?for the purchase of the goods or services they offer. The merchant enters transaction and customer billing information, specifies a billing amount and billing interval and ARB does the rest, automatically generating subsequent transactions for the duration of the subscription.

Available Funds

    The portion of funds in a merchant's eCheck.Net Settlement sub-account that are no longer in the standard

    holding period. (The amount of available funds is equal to the eCheck.Net Settlement statement account balance

    less the total dollar amount of eCheck.Net charge transactions for batches that are still in the holding period.)

    B

    Bank Account Number

The bank account number provided for a given transaction. For security reasons, the bank account number is

    displayed in masked format as XXXX6789 (only eight characters or digits are displayed regardless of actual length; the first four are masked, the last four are visible). For any eCheck.Net charge or refund transaction, a full bank account number must be provided.

Bank Account Type

    This indicates the type of bank account provided by a customer for an eCheck.Net transaction. The valid values for this field are Checking or Savings.

Bank Name

    The name of the bank or financial institution that holds the bank account used for the transaction.

    C

    Captured/Pending Settlement

    Transactions with this status have been approved, captured and are awaiting settlement. These transactions will

    be submitted for settlement according to the transaction cut-off time associated with the merchant account.

Card Code

    A Card Code is a three or four digit number that appears on the back of a customer credit card. This may be

    entered on a transaction and validated against the information on file with the customer credit card company.

Card Code Status

    This value indicates the level of match between the Card Code entered on a transaction and the value that is on file with a customer credit card company. A code and narrative description are provided indicating the results

returned by the processor.

Cardholder Authentication Programs

    TM are security The cardholder authentication programs Verified by Visa and MasterCard? SecureCodeprograms created by the card associations to provide identity authentication for Visa and MasterCard cardholders, and transaction protection for merchants. By registering for these programs, merchants can minimize the risk of chargebacks and returns while providing optimal security for their Visa and MasterCard customers.

Cardholder Authentication Programs Monthly Fee

    The monthly fee charged by the payment gateway for merchants using the cardholder authentication programs service (Verified by Visa and MasterCard SecureCode). In the event that the service is set up mid-month, this fee

    will be prorated.

Cardholder Authentication Programs Per-Transaction Fee

    The fee charged by the payment gateway for each Visa and/or MasterCard credit card transaction processed by merchants using the cardholder authentication programs service (Verified by Visa and MasterCard SecureCode).

Cardholder Authentication Verification Value (CAVV)

    The cardholder authentication verification value, or CAVV, result code is returned from Visa. This code describes Visa validation response to the authentication value entered by the merchant at checkout. The CAVV value

    applies only to merchants registered for the cardholder authentication programs.

Card Type

    This value indicates the level of match between the Card Code entered on a transaction and the value that is on file with a customer credit card company. A code and narrative description are provided indicating the results returned by the processor.

Cash Concentration or Disbursement (CCD)

    This eCheck.Net transaction type is a charge or refund against a business checking account. One-time or

    recurring CCD transactions are fund transfers to or from a corporate entity. A standing authorization is required for recurring transactions.

Cash Refund

    A QuickBooks refund transaction type that indicates a cash refund made to a customer.

Cash Sale

    A QuickBooks purchase transaction type where full payment is received from a customer at the time the sale is recorded.

CCD

    See the entry for "Cash Concentration or Disbursement (CCD)"

Chargeback

    A chargeback is a type of return that occurs when a customer claims they did not authorize a transaction, when

    the account holder and the customer are not the same person (i.e., identity theft), when the authorization was not properly obtained from your customer or when your customer does not recognize a transaction.

Chargeback Fee

    The fee charged by the payment gateway for each chargeback received for a transaction processed through your account. This only applies to merchants for whom the payment gateway manages batch settlement funds.

City

    The city is associated with either the billing address or shipping address of a transaction.

Communication Error

    Transactions of this status experienced an error connecting to the processor. These transactions are not re-submitted or sent for settlement.

Company

    The name of the company associated with the billing or shipping information entered on a given transaction.

Correction

    A record received by the merchant's acquiring bank that reverses chargeback bank records submitted and processed in error.

Could Not Void

    This transaction status indicates a failed gateway-generated void. These voids may reattempted by the merchant

    if the batch is still open.

Country

    The country is associated with both the billing and shipping address of a transaction. This may be entered as either an abbreviation or full value.

Credit Card Discount Rate

    A fee charged by the payment gateway that is a percentage of the total amount of each credit card charge transaction submitted.

Credit Card Minimum Monthly Fee

    This is the minimum credit card processing service fee charged per billing cycle. In the event that this fee is NOT exceeded by credit card transaction processing fees for the billing cycle, the difference between the actual fees charged and the minimum monthly fee value is billed. For example, if the merchant's Credit Card Minimum

    Monthly Fee is $10.00, and the merchant's credit card transaction processing fees (i.e., per-transaction fees and

    discount fees) for the billing cycle total $7.50, the payment gateway will charge the merchant a Credit Card Minimum Monthly Fee of $2.50. If the merchant's credit card transaction processing fees for the billing cycle exceed $10.00, the fee is not charged.

Credit Card Number

    The number on the credit card provided for a given transaction. For security reasons, the credit card number is

    displayed in masked format as XXXX9876 (only eight characters or digits are displayed regardless of actual length; the first four are masked with Xs, the last four are visible).

Credit Card Per-Transaction Fee

    The fee charged by the payment gateway for each credit card transaction and for each batch settlement processed. The credit card transaction types for which the per-transaction fee is charged are: charges, refunds,

    voids and declines.

Credit Memo

    A QuickBooks refund transaction type that indicates the return of an item or service purchased.

Credit/Pending Settlement

    Transactions of this status have been entered as credits, but have not yet been submitted for settlement. These transactions will remain in this unsettled state until they are submitted for settlement. Once a credit has been

    settled, its status changes to Credited.

    Credits must be submitted within 120 days of the date and time the original transaction was settled. ALL credits submitted after the 120-day period will be rejected.

Credited

    Transactions with this status are refund transactions that have been successfully processed within the system. This refund has been successfully applied against the payment method. No further action may be taken against these transactions.

Cumulative Tier

    Describes a type of pricing structure for payment gateway service fees. Cumulative tier pricing means that the fee applied depends on pre-defined tiers, or ranges, of an amount unit, e.g., dollar amount processed or the number of transactions processed during the course of a billing cycle.

For example, consider the following sample cumulative tier pricing structure for the per-transaction fee based on

    dollars processed:

    Tier 1 $0-$1000 Charge Transaction Dollar Volume $0.30

    Tier 2 $1001-$2500 Charge Transaction Dollar Volume $0.25

    Tier 3 $2501-$5000 Charge Transaction Dollar Volume $0.20

    Tier 4 $5001 + Charge Transaction Dollar Volume $0.15

If the total charge transaction dollar volume for one billing cycle is $2532, then the Tier 3 per-transaction fee of

    $0.20 is charged for each billable transaction processed that billing cycle. If the total charge transaction dollar volume for the next billing cycle drops to $2457 the Tier 2 per-transaction fee of $0.25 is charged for each billable

    transaction processed that billing cycle, and so on.

Currency

    The currency associated with the amount of a transaction.

Customer

    The person or corporate entity that has agreed to purchase goods or services from a merchant. In an

    eCheck.Net transaction, the customer is the "Receiver" and the merchant is the "Originator."

Customer ID

    This is an internal identifier for a customer that may be associated with the billing information of a transaction.

    This field may contain any format of information.

Customer IP Address

    Indicates the customer Web browser Internet Protocol (IP) address, or the IP address from which a transaction is submitted to the payment gateway. Merchants using Advanced Integration Method (AIM) are

    required to submit the customer IP address (x_customer_ip) in order to use the Fraud Detection Suite IP

    Address Blocking Tool.

Customer Name

    The name of the customer associated with the billing information for a given transaction.

Cut-Off Time

    The time of day that all transactions are batched and electronically picked up for processing. The default cut-off

    time is 3:00 PM PST. However, the transaction cut-off time may be customized in the Merchant Interface (see the Settings menu).

    D

    Declined

    Transactions that are not approved are marked as declined. These transactions may not be captured and

    submitted for settlement.

Depository Financial Institution (DFI)

    An Originating Depository Financial Institution (ODFI) or Receiving Depository Financial Institution (RDFI)

    participating in the ACH Network; or in general terms, a bank.

Description

    Narrative text entered by a user to describe the nature of a transaction.

DFI

    See the entry for "Depository Financial Institution (DFI)"

    E

    eCheck.Net

    The payment gateway's exclusive electronic check payment solution.eCheck.Net allows merchants to post

charge and refund transactions to a customer's bank account.

eCheck.Net Application Fee

    The one-time fee charged to merchants for the underwriting and review of their application for the eCheck.Net service.

eCheck.Net Batch Fee

    The fee is charged by the payment gateway for each eCheck.Net batch processed.

eCheck.Net Cumulative Tier Discount Rate

    A cumulative tier-based discount rate charged by the payment gateway that is a percentage of the total amount of each eCheck.Net charge transaction processed during a billing cycle. Cumulative tier means that the discount rate applied depends on the total charge transaction dollar volume processed for the billing cycle.

For example, consider the following sample discount rate pricing structure:

    Tier 1 $0-$1000 Charge Transaction Dollar Volume 1.75%

    Tier 2 $1001-$2500 Charge Transaction Dollar Volume 1.50%

    Tier 3 $2501-$5000 Charge Transaction Dollar Volume 1.00%

    Tier 4 $5001 + Charge Transaction Dollar Volume 0.50%

    If the total charge transaction dollar volume for one billing cycle is $2532, then the Tier 3 discount rate of 1.00% is charged for the dollar volume processed that billing cycle. If the total charge transaction dollar volume for the

    next billing cycle drops to $2457 the Tier 2 discount rate of 1.50% is charged for the dollar volume processed that billing cycle, and so on.

eCheck.Net Cumulative Tier Per-Transaction Fee

    The cumulative tier-based fee charged by the payment gateway for each eCheck.Net transaction processed. Cumulative tier-based means that the per-transaction fee applied varies based on the charge transaction dollar volume processed for the billing cycle.

For example, consider the following sample per-transaction fee pricing structure:

    Tier 1 $0-$1000 Charge Transaction Dollar Volume $0.30

    Tier 2 $1001-$2500 Charge Transaction Dollar Volume $0.25

    Tier 3 $2501-$5000 Charge Transaction Dollar Volume $0.20

    Tier 4 $5001 + Charge Transaction Dollar Volume $0.15

If the total charge transaction dollar volume for one billing cycle is $2532, then the Tier 3 per-transaction fee of

    $0.20 is charged for each billable transaction processed that billing cycle. If the total charge transaction dollar

    volume for the next billing cycle drops to $2457 the Tier 2 per-transaction fee of $0.25 is charged for each billable

    transaction processed that billing cycle, and so on.

eCheck.Net Discount Rate

    A fee charged by the payment gateway that is a percentage of the total amount of each eCheck.Net charge transaction submitted. May be based on Cumulative or Stepped Tier pricing. See the entries for Cumulative Tier,

    Stepped Tier or eCheck.Net Cumulative Tier Discount Rate and eCheck.Net Stepped Tier Discount Rate.

eCheck.Net Minimum Monthly Fee

    This is the minimum eCheck.Net processing service fee charged per billing cycle. In the event that this fee is NOT exceeded by eCheck.Net transaction processing fees for the billing cycle, the difference between the actual fees charged and the minimum monthly fee value is billed. For example, if the merchant's eCheck.Net Minimum Monthly Fee is $10.00, and the merchant's eCheck.Net transaction processing fees (i.e., per-transaction fees

    and discount rate) for the billing cycle total $7.50, the payment gateway will charge the merchant an eCheck.Net

    Minimum Monthly Fee of $2.50. If the merchant's eCheck.Net transaction processing fees for the billing cycle exceed $10.00, the fee is not charged.

eCheck.Net Per-Transaction Fee

    The fee charged by the payment gateway for each eCheck.Net transaction processed. The eCheck.Net

    transaction types for which the per-transaction fee is charged are: charges, refunds, voids and declines. May be based on Cumulative or Stepped Tier pricing. See the entries for Cumulative Tier and Stepped Tier or

    eCheck.Net Cumulative Tier Per-Transaction Fee and eCheck.Net Stepped Per-Transaction Fee.

eCheck.Net Returned Item Fee

    The fee charged by the payment gateway for each returned eCheck.Net transaction.

eCheck.Net Settings

    The eCheck.Net processing settings are:

    ; Funds Holding Period ?The number of days proceeds for your eCheck.Net transactions are held before

    being deposited to your merchant bank account

    ; Monthly Processing Limit ?The maximum total amount allowed per month for eCheck.Net transactions

    for your account

    ; Per-Transaction Limit ?The maximum amount allowed for a single eCheck.Net transaction for your

    account

    eCheck.Net Setup Fee

    The one-time set fee charged by the payment gateway for merchants using the eCheck.Net service.

eCheck.Net Stepped Tier Discount Rate

    A stepped tier-based fee charged by the payment gateway that is a percentage of the total amount of each eCheck.Net charge transaction processed during a billing cycle. Stepped tier means that the discount rate

    applied adjusts based on the charge transaction dollar volume processed during the course of a billing cycle.

For example, consider the following sample discount rate pricing structure:

    Tier 1 $0-$1000 Charge Transaction Dollar Volume 1.75%

    Tier 2 $1001-$2500 Charge Transaction Dollar Volume 1.50%

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