- Cancellation Fee
The fee charged when an account is cancelled.
- Contract Term
The amount of time you are required to keep the account open.
- Discount Rate
A percentage of each transaction that the merchant is charged by the Merchant Service Provider for facilitating a credit card transaction.
- Merchant Account
This is an account set up with a bank to process credit card orders from customers.
- Monthly Minimum Fee
A minimum amount the merchant must pay the Merchant Service Provider every month. It does not apply if the combination of Transaction Fees and Discount Fees exceeds the minimum amount.
- Payment Gateway
An online system for real-time charging of credit cards when a customer places an order. Normally requires a merchant account.
- Real-Time Processing
This method of credit card processing authorizes and
charges the customer's credit card at the time of purchase.
- Secure Server
A Secure Server uses an SSL certificate. It is generally a piece of web space
that can only be dealt with by using SSL ensuring that data transferred between
the web space and the browser is encrypted.
- Setup Fee
An initial fee paid to the Merchant Service Provider for establishment of an account and for processing and reporting tools.
- Shopping Cart
A piece of software installed on an online vendor's web space used to produce a shopping system. This generally means product pages, some sort of an online "basket" and a way for the customer to add, remove and modify product selections and to check out when they are done shopping.
- SSL
Stands for Secure Socket Layer. It's a protocol for transferring data between a web site user and a web site. When a web site uses SSL (by using a Secure Server) data sent to and from the web space is encrypted to prevent it being read in transit over the Internet.
- Statement Fee
This is a fee charged to the merchant by the bank or Merchant Service Provider for preparing and sending out monthly statements and reports.
- Transaction Fee
A small charge paid to the processing network (e.g., Visa/MasterCard) for use of their system, for each transaction processed.
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