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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Merchant Account
A bank account set up by the merchant for credit card transactions. By opening the account, the merchant bank (merchant bank) agrees to reimburse the merchant for valid credit card transactions and, in return, to settle the consumer's outstanding amounts.
Aggregators
The merchant contract does not have to be concluded directly with an acquiring bank. There are so-called aggregators such as sales organizations (ISO) or the member service providers (MSP) that can also be the merchant's contractual partner. In any case, the merchant agrees to comply with the operating rules set by the card associations.
Credit card transactions
Credit card transactions today are transmitted electronically to merchant banks for authorization, capture and deposit. There are various methods of initiating transactions, such as the credit card terminal that reads the card's magnetic stripe, a computer chip, or manual entry on a computer or website.