Glossary Terms

09 Jul: Acquiring Bank

The bank that does business with merchants enabling them to accept credit cards. A merchant has an account with this bank…

09 Jul: Acquirer

A licensed member of MasterCard and/or VISA (or its agent) which maintains merchant relationships, receives all bankcard transactions from the merchant,…

09 Jul: ACH

Automated Clearing House. A regional organization used by member banks to electronically transfer funds between members.

09 Jul: Account Number

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