November 24, 2013
Finally a Truly Integrated Level 3 Processing Plugin Inside QuickBooks® From Revolution Payment Systems Merchants using Quickbooks and sell to other businesses or the government can now take advantage of Level-3 processing and the savings this provides on commercial, purchasing and government transactions by processing level 3 Data.
May 17, 2013
Revolution Payment Systems Makes It Easy To Process Level III Payments Many merchants have been reluctant to set up a level III merchant account due to the required line item detail. Revolution Payment Systems allows you to process level III payments without lifting a finger
June 3, 2012
Level3merchantaccount.com Revolution Payment Systems launches level3merchantaccount.com to help merchant educate merchants on level III processing and the benefits and savings this provides.
Learn merchant terms quickly by searching through the information available below.
Acceptor: A business that has qualified to accept credit or debit cards as payment.
Ach Network: Funds transfer system governed by the rules of the National Automated Clearing House Association, which provides for the interbank clearing of electronic entries for participating financial institutions.
Acquirer: An acquirer is an organization licensed as a member of Visa / MasterCard as an affiliated bank or bank/processor alliance that is in the business of processing credit card transactions for businesses (acceptors) and is always acquiring new merchants.
Acquiring Financial Institution: An acquiring financial institution (or "acquirer") contracts with the bank and merchants to enable credit card transactions. The acquirer deposits the daily credit card totals and debits the end-of-month processing fees from the merchants' accounts.
Address Verification Service (AVS): The process of validating a cardholder's given address against the issuer's records, to determine accuracy and deter fraud. This service is provided as part of a credit card authorization for mail order/telephone order transactions. A code is returned with the authorization result that indicates the level of accuracy of the address match and helps secure the most favorable interchange rates.
Adjustment: An adjustment is initiated by the acquirer to correct a processing error. The error could be a duplication of a transaction or the result of a cardholder dispute. The acquirer debits or credits the merchant DDA account for the dollar amount of the adjustment.
Associations: Any entity formed to administer and promote credit and cards. The best known examples of Associations are MasterCard and Visa.
Authorization: The process of verifying the credit card has sufficient funds (credit) available to cover the amount of the transaction. An authorization is obtained for every sale. An approval response in the form of a code sent to a merchant's POS equipment (usually a terminal) from a card issuing financial institution that verifies availability of credit or funds in the cardholder account to make the purchase. Also see Point-Of-Sale.
Authorization Code: A code that a credit card issuing bank returns in an electronic message to the merchant's POS equipment that indicates approval of the transaction. The code serves as proof of authorization.
An issuing financial institution's electronic message reply to an authorization request, which may include:
Approval -- transaction was approved
Decline -- transaction was not approved
Call Center -- response pending more information, merchant must call the toll-free authorization phone number.
Automated Clearing House (ACH) File: A file with instructions for the exchange and settlement of electronic payments passed between financial institutions. It represents debits and credits to be deducted from an account automatically as they occur
Average Ticket (Average Sale): The average dollar amount of a merchant's typical sale. The average ticket amount is calculated by dividing the total sales volume by the total number of sales for the specified time period.
Back Office Conversion (BOC): The Back Office Conversion (BOC) application will allow retailers and billers to accept checks at the point of purchase or at manned bill payment locations and convert the checks to ACH debits during back office processing. The authorization to convert the check is obtained through receipt of the customer’s (Receiver’s) check (source document) plus notice displayed at the point of sale or manned bill payment location where the check is presented.
Bankcard: A credit card issued by a Visa or MasterCard-sponsored financial institution. (American Express, Discover, Diners Club, JCB, etc., are issued directly from their respective operations, rather than through banks.)
Capture: The submission of an electronic credit card transaction for financial settlement. Authorized credit card sales must be captured and settled in order for a merchant to receive funds for those sales. Also see Settlement
Card Not Present: A transaction where the card is not present at the time of the transaction (such as mail order or telephone order). Credit card data is manually entered into the terminal, as opposed to swiping a card's magnetic stripe through the terminal.
Calculate your "true rate" by entering the information below. Include Visa, MasterCard and Discover. Exclude American Express.
The result is your true rate or overall effective rate. It includes all amounts you pay to Visa, MasterCard and Discover (interchange rates), as well as your Processor's fees.
Is your true rate higher than you anticipated? If so, your profits are affected. Call Revolution Payment Systems at 1-888-790-3450, and let us show you how you can reduce those fees.
Revolution provides you a very powerful and free tool to track your key business metrics and trends. For up to 36 months of volume, you get a clear view of payment types average purchases and number of transactions.View All
Revolution Payment Systems is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA. American Express requires separate approval.
www.revolution-payments.com Revolution Payment Systems is an Elavon Payments Partner & Registered ISO/MSP of Elavon, GA