Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Credit card acceptance agreement
The credit card acceptance agreement, also known as the merchant agreement, is concluded between the merchant (merchant) and the acquirer. The merchant is then given a contract company number with which he contacts a payment service provider so that the latter can provide him with the connection between the shop and the acquirer and process the transactions.
Contractors
A credit card cannot be used without a contractual partner, i.e. a merchant or ATM. This requires partners who accept credit card payments. In the credit card acceptance contract, the conditions are regulated according to the industry, transaction volume and provider. The transaction costs are passed on to the customer by the seller. Intensive competition between credit card companies makes it possible to use credit cards internationally, as they would otherwise be at a competitive disadvantage.
Interchange fee
The credit card fee, the so-called interchange fee, for private cards is regulated by the European Union for the European Economic Community and amounts to a maximum of 0.3 percent for credit cards and 0.2 percent for debit and prepaid cards. A surcharge of around 1 percent is added for business cards and international cards.