Account Number
A unique sequence of numbers assigned to a cardholder account that identifies the issuer and type of financial transaction card.

Acquirer
Electronic Merchant Systems or another financial institution which receives electronic financial data from a Merchant relating to a transaction and initiates that data into an interchange system.

Authorization This is a process that assesses transaction risk, confirms that a given transaction does not raise the account holder's debt above the account's credit limit and reserves the specified amount of credit.

Average Ticket
A predetermined dollar amount that the merchant can process on a per-sale basis.

AVS (Address Verification Service)
A service provided by Visa that checks to match the street number and zip code of the cardholder's address. It provides a level of fraud protection that helps to prevent fraud and chargebacks.

Batch
A collection of transactions that are processed as a group. You can batch orders for authorization or for capture. Your processing requests may in turn be batched for settlement by banks.

Capture
A transaction sent after the merchant has shipped the goods. This transaction will trigger the movement of funds from the Issuer to the Acquirer and then to the merchant's account.

Cardholder
Customer associated with the primary account number requesting the transaction from the card acceptor.

Card-Not-Present Environment
The card-not-present environment means neither the card nor the cardholder are present at the point-of-sale and the customer and the sales associate (or order taker) are not face-to-face. Merchants doing business in this environment include, for example, direct marketers (catalog companies), Internet merchants, airlines/theaters and others that sell tickets or services that can be purchased by mail/telephone or electronically.

Card-Present Environment
The card-present environment means both the card and the cardholder are present at the point-of-sale. Merchants doing business in this type of environment include, for example, retailers, supermarkets, convenience stores, healthcare, etc.

Credit
A claim for funds by the cardholder for the credit of his account. At the same time it provides details of funds acknowledged as payable by the acquirer (and/or the card acceptor) to the card issuer.

Chargeback
A chargeback is when a customer calls their credit card company disputing a charge because the products/services were not received. If the merchant can not prove otherwise, then the charge is refunded to the customer at the merchant's expense.

Discount Rate
The fee a merchant pays its acquiring bank/merchant bank for the privilege to deposit the value of each day's credit purchases. The fee is usually a small percentage of the purchase value.

EIRF (Electronic Interchange Reimbursement Fee)
A Visa classification level that is charged to the merchant when a credit card is not present, swipe not read, card number is manually key entered.

EMS VPOS
EMS VPOS enables businesses to authorize, process, and manage credit card transactions from any computer with an Internet connection and a Web browser. EMS VPOS is the ideal solution for any type of business because it removes the complexity and expense normally associated with authorizing and processing credit card transactions, and it's much faster than standard dial-up terminals or software. To authorize credit card transactions, the merchant simply accesses the EMS VPOS through our Web site using any industry-standard Web browser and fills in the EMS VPOS form.

Factoring
This term refers to the practice of allowing more than one merchant to process transactions through a single merchant account. Factoring is not permitted under Visa, MasterCard and American Express regulations.

Interchange
The exchange of information, transaction data and money among banks. Interchange systems are managed by Visa and MasterCard associations and are very standardized so banks and merchants worldwide can use them.

Interchange Fee
A fee paid by the acquiring bank/merchant bank to the issuing bank. The fee compensates the issuer for the time after settlement with the acquiring bank/merchant bank and before it recoups the settlement value from the cardholder.

Internet Payment Gateway
A payment gateway is a service that gives merchants the ability to perform real-time credit card authorizations from a web site over the Internet.

Issuer
A financial institution that issues the identification payment card (e.g. Visa® Card) to the cardholder identified by the primary account number.

Merchant
An Electronic Merchant Systems approved seller of goods, services, and or other information who accepts payment for these items electronically. The merchant may also provide electronic selling services and/or electronic delivery of items for sale.

Merchant Services & Support
Electronic Merchant Systems is committed to superior merchant services and support. Our extensive experience in the business of internet transaction processing results numerous benefits for the internet merchant.

Our e-merchant support program is specially designed to train and assist you with both transaction processing and internet connectivity. With direct toll-free access to our 24x7x365 internal help desk, you can be assured that all your questions will be handled promptly and efficiently by one of our experienced representatives. Our advanced merchant reporting system goes above and beyond the tools traditionally supplied to credit card merchants.

Monthly Minimum
Charge levied by the merchant bank instead of the monthly credit card volume multiplied by the discount rate if the merchant's monthly credit card volume multiplied by the discount rate is less than the monthly minimum.

Monthly Volume
A predetermined dollar amount that the merchant can process.

MOTO (Mail Order Telephone Order)
Typically, businesses that conduct credit card transactions over the phone or by mail are considered to be riskier than retail businesses that swipe credit cards.

Retrieval Request
A request from a cardholder's bank for information about a charge which is being disputed. Retrieval requests usually precede a chargeback.

Reversal
A transaction from the acquirer to the card issuer informing the card issuer that the previously initiated transaction cannot be processed as instructed, i.e., is undeliverable, unprocessed or cancelled by the receiver.

Settlement
As the sales transaction value moves from the merchant to the acquiring bank, to the issuer, each party buys and sells the sales ticket. Settlement is what occurs when the acquiring bank and the issuer exchange data or funds during that function.

Statement Fee
Charge levied by the merchant bank for monthly reports detailing activity on a merchant account.

Ticket
Another name for the sales slip or its monetary value that results when a credit card purchase is made.

Transaction
There are several types of transactions but the most common transaction is the process that takes place when a cardholder makes a purchase with a credit card.

Transaction Fee
A per transaction fee that is charged by the bank for processing transactions.