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Payment Processing

Merchant Discount

Consists of interchange fees charged to merchants by issuing banks for the ability to accept bankcard transactions combined with fees charged to merchants by acquirers

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Independent Sales Agent (ISA)

People who sell bankcard services to merchants on behalf of ISOs, acquirers and processors. Also known as merchant level salespeople (MLSs) and independent sales agents

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Chargeback

When a cardholder’s bank (issuer) reverses all or part of a card transaction back to the merchant bank (acquirer), which typically kicks the transaction back

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Processor

A processor is any entity that is physically processing a credit card transaction from swipe to settlement. It is a front-end network that enables a

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