ACH (Automated Clearing House): An electronic network for processing financial transactions, such as direct deposits and payments.
Acquirer / Acquiring Bank: A bank or financial institution that processes credit/debit card payments on behalf of a merchant.
APM (Alternative Payment Methods): Payment methods other than credit/debit cards, such as digital wallets or Buy Now, Pay Later services.

BIN (Bank Identification Number): The first 6 digits of a card number identifying the issuing bank.
Batch: A group of card transactions submitted to the processor for settlement at the end of the business day.
B2B (Business-to-Business): Transactions between businesses, often involving invoices or large payments.

Chargeback: A dispute initiated by a cardholder or issuing bank to reverse a transaction due to fraud, error, or dissatisfaction.
CMS (Card Management System): Software that allows merchants to track, manage, and reconcile card transactions.
CVV (Card Verification Value): The 3- or 4-digit security code on a credit or debit card used for verification.
Credit Card Interchange Fee: The fee paid by the merchant to the card-issuing bank for each transaction.

Debit Card: A card linked directly to a bank account that deducts funds immediately when used.
Dual Pricing: A merchant strategy offering different prices for cash vs. card payments.

EMV (Europay, MasterCard, Visa): Chip card technology standard for secure card transactions.
Ecommerce Gateway / Payment Gateway: A service that securely transmits online payment data from a merchant to the processor.

FDMS (Financial Data Management System): Platform used by processors to handle transaction authorizations and settlements.
Flat Rate Pricing: A pricing model where the merchant pays a single fixed percentage per transaction, regardless of card type.

High-Risk Merchant: A business type deemed higher risk for chargebacks or fraud, such as adult entertainment, CBD, or travel services.

Interchange Plus Pricing: A transparent pricing model where merchants pay the actual interchange fee plus a fixed markup.
ISO (Independent Sales Organization): A third-party organization authorized to sell merchant services and process payments.

Merchant Account: A bank account that allows a business to accept credit and debit card payments.
MCC (Merchant Category Code): A 4-digit code assigned to a business to classify its type of transactions.
Mobile Payments: Transactions conducted via smartphones or tablets, often through apps or digital wallets.

NFC (Near Field Communication): Contactless technology enabling payments via cards or smartphones.

PCI DSS (Payment Card Industry Data Security Standard): Security standard ensuring safe handling of cardholder information.
POS (Point of Sale): The system or device where a transaction occurs, either physical or virtual.
PIN (Personal Identification Number): A numeric password used to authorize debit/credit card transactions.
Processing Fees: Charges a merchant pays for payment processing services.

Refund: Returning money to a customer for a previous transaction.
RDC (Remote Deposit Capture): Technology allowing businesses to deposit checks electronically.

Surcharge: An additional fee added to a customer’s bill to cover card processing costs.
Settlement: The process where funds from card transactions are transferred from the issuing bank to the merchant’s account.

Terminal: A device used to accept card payments in-store.
Transaction Fee: Fee charged per card transaction by a processor or acquiring bank.

Virtual Terminal: A web-based interface allowing merchants to manually process card payments without a physical terminal.
Visa / Mastercard / AMEX / Discover: Major card networks facilitating card transactions between merchants and issuing banks.

Wallet / Digital Wallet: Apps like Apple Pay, Google Wallet, or PayPal that store payment information for contactless or online payments.