Below are the most common fees for merchants:
Address Verification Fee:
fee charged to merchants for address verification purposes
yearly fee in order to maintain a merchant account
This is needed when a merchant cancels an account for it ex...
Whenever a customer uses a credit card, the merchant has to pay a percentage of the transaction. This fee consists of interchange and assessments. Interchange is the fee charged by the issuing bank directly to the acquirer. The acquirer up-charges this fee in order to make a profit. Diner...
Below are the steps taken when a consumer purchases a good/service online. In this explanation, we are going to assume that the merchant has a shopping cart and that a payment gateway is installed.
The consumer chooses products to purchase on the merchant's ecommerce site....
Here is the sequence of steps in a typical credit card transaction:
1. Consumer -> Merchant
2. Merchant -> Acquirer
3. Acquirer -> Credit Associations
4. Credit Associations -> Issuer
5. Issuer -> Credit Associations
6. Credit Associations -> Acquirer
7. Acquirer -> Merchant
The ANSI Standard X4. 13-1983 is the system most commonly used by card companies.
The breakdown of the credit card:
The first digit in the card number is the system:
3 signifies Travel and Entertainment cards
4 represents Visa
5 represents MasterCard
6 is Discove...
Visa and Mastercard are the most well known payment services. These two companies are set up as member institutions, that's why they're known as bankcards. In order to become a customer of Visa and Mastercard, you have to be a financial institution such as a bank.
Member banks need to offer ca...
History of Credit:
Let' start in 1730 when Christopher Thornton sold furniture that could be purchased over a period of time.
Then from the 18th century to the early 20th century, tallymen were very popular. These tallymen sold clothes in exchange for small weekly payments. They kept tallies ...
This industry is an ever-changing market, with new regulations and advancements continually, it's important to be well informed. The merchant services industry is known by many titles: bankcard industry, merchant processing industry, transaction processing industry, payment processing industry, t...
Currency Specific Pricing
This extension allows companies to set specific currencies to specific products independent of any currency exchange rates. You have the freedom to set whatever price you would like, without any currency rate restrictions.
Disabling the Price per Currency cap...
Geo Discount Pricing Extension
This extension's allows you to set unit prices according to the user's geographic location including countries, regions and states. From this, you can offer a static or percentage based discount.
Above we can see where we either enable or disable zone ...