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Glossary of Terms
ACH
ACH (Automated Clearinghouse) is a service used by banks that allows the
banks to exchange electronic payments.
Acquirer
The acquirer receives all credit card or bankcard transactions from the
merchant and sends the data to the issuing banks. The acquirer is a
licensed member of the MasterCard and/or Visa association.
Acquiring Bank
The acquiring bank, also known as the merchant bank, allows merchants to
accept credit cards by issuing them a merchant account. The acquiring bank
is the one who will be depositing the funds from the credit card purchases
into the seller’s bank account.
Acquiring Processor
The acquiring processor provides the acquiring bank with credit card
processing, billing, reporting and settlement for the credit card transaction.
Each acquiring bank has an acquiring processor either as a third party or
handled within the acquiring bank. Two examples of acquiring processors
are Vital and First Data.
approval code
An approval code is typically a six digit code issued by the credit card
processing network and is used as proof of the transaction. Credit card
transactions that do not have this six digit approval code, will not be
considered valid and the seller will not receive funds for the transaction. The
approval code is also necessary as proof of the transaction when disputed by
a cardholder.
AssureBuy Payment Processing Microsoft Great Plains Dynamics/eEnterprise Glossary of Terms • 117