This list briefly defines many common terms to retail merchant accounts and credit card processing:

CVV2 (Three Digits): CVV2 is the card verification value, a three or four digit number printed on the credit card. The location of the CVV2 on the card varies from brand to brand, and is often used to verify that the card is in the possession of the person making an online purchase. The CVV2 helps to prevent fraud.

Credit Card Software: Desktop software used as a transaction gateway, where the merchant manually enters the customer’s credit card information and transmits it to the processor for approval

Issuing Bank: Provides the credit card account to an individual or business

MOTO Credit Card Processing: Mail Order/Telephone Order, used to refer to a business that takes credit card payments over the phone. Essentially, it refers to an environment in which the credit card and the customer are not present at the time of the purchase

Merchant Account: Merchant accounts are commercial bank accounts between a financial institution and a retail business. The account allows the business to accept credit card payments from customers, which are then deposited into the merchant’s account

Online Card Processing: an online credit card processing service coupled with a payment gateway, enabling online merchants to accept credit card payments from customers

P.O.S./Swiper Based: “Point-of-Sale” credit card machines, where the credit card is swiped at the time of the sale. A variety of credit card swiper models are available.

Payment Gateway: These services do several things, such as verify a customer’s credit card information, decides if the transaction is authentic (ie the card has not expired or been reported lost or stolen), and then either processes the payment or declines the credit card

Processor: Merchant Solutions, LLC is a processor, meaning we provide merchant account services which allow businesses to accept credit card payments for goods or services

SSL (Secure Socket Layer): This is an encryption method used to protect sensitive credit card information from hackers or identity thieves. The encryption allows credit card information to safely transfer from one location to another

Transaction Fee: A mandatory fee charged per transaction, regardless of the amount of the transaction. This fee is a set amount and does not change.

Virtual Terminal: This is an online retailer’s screen where a customer inputs credit card information