MAP (merchant account provider):
- A bank or other institution that hosts merchant accounts and processes online
credit card transactions. The term is also often used broadly to include any
credit card processing service, including ISOs.
Merchant
– a store owner.
Merchant Account
- A bank account established by a merchant to receive the proceeds of credit card
purchases. By establishing a merchant account, the merchant bank agrees to pay
the merchant for valid credit card purchases in exchange for the right to
collect on the debt owed by the consumer. See RealCart’s Merchant Account center for more info on opening a merchant account.
Merchant Administration Area
– the password-protected area in the
CyberCash web site that merchants use to manage their individual
CyberCash accounts. This area allows them to issue a “capture” funds
request for specific transactions as well as to void transactions.
Merchant Bank:
- A bank that holds a merchant account. After a consumer buys a product using a
credit card, the merchant bank places funds into a merchant account in exchange
for the right to collect on the debt owed by a consumer. See also merchant account
provider.
Merchant Services Provider
- A bank, ISO, or other firm that provides services for processing financial
transactions, usually credit card sales. Many MSPs provide merchant accounts,
while others require their clients to establish merchant accounts on their own.
Some MSPs claim that they do not require merchant accounts; this may indicate
factoring, which is illegal in many areas. See also holdback.
Micropayment
- Very small charges, perhaps even less than a penny, processed through e-commerce
systems. Until this time, e-commerce has been largely limited to purchases of
$10 (U.S.) or more. With micropayments, however, e-commerce merchants can sell
products for far lower prices, such as charging small fees for downloading
documents or charging per click for online advertising. Micropayment systems are
still largely experimental and not widely available.
Monthly Minimum
- The minimum amount in fees and percentages charged by a merchant services provider
in a given month. If account activity does not generate the monthly minimum, the
account holder must make up the difference.
More Info Link
- The More Info Link is an optional text hyperlink that appears in RealCart product pages allowing the shopper to view a more detailed product page. The main purpose of this link is to help combine the shopping cart with existing product pages on your main web site. If no URL is specified for this link in the Product Wizard then no More Info Link will appear in the product page. Additional information about the More Info Link is available on this page in the RealCart User Manual.
MOTO
- Mail order, telephone order. A classification of
merchant account with a specific set of rules that are more restrictive than
retail merchants. Enables a merchant to accept credit card payment without a
cardholder’s signature. The merchant and the cardholder do not need to be in
the same physical location. MOTO accounts are also known as Card Not Present
or CNP accounts.
MOTO discount rate (mail order/telephone order discount rate)
- The discount rate charged by the merchant account provider for credit card
transaction in which the actual credit card was not available to the merchant.
MOTO discount rates are generally higher than swipe discount rates to account
for the increased chance of fraud or nonpayment.
MSP (Merchant Services Provider):
- A firm that is directly certified by an acquiring bank to provide credit card
accounts