Imprinter: A manual device used to imprint embossed card information onto sales drafts for transaction records. An imprinter only captures card information; it cannot authorize a transaction. Imprinters are primarily used as a backup when the other processing equipment is unable to read data on the card's magnetic stripe. For merchants without an electronic printer, an imprint is needed to prove a card was present if a customer disputes a key-entered transaction.AKA the "Knucklebuster" - Per Visa and MasterCard regulations every merchant is supposed to have one of these at each location.

Independent Sales Organization: (ISO): The certification given by Visa and MasterCard to an organization that signifies it's full compliance with all Visa USA and MasterCard International association Rules and Regulations. MasterCard uses the acronym (Merchant Service Provider) instead of ISO. Often a tagline of "registered ISO/MSP" is applied to the organizations's public identity package to emphasize its validity.Similar to "ASE certification" in the Auto Repair industry, ISO/MSP is just the stamp of approval that assures the public that the company plays by the rules.

Interchange: The standardized electronic exchange of financial and non-financial data associated with sale and credit data between merchant acquirers and card issuers on various types of MasterCard and Visa transactions.Really as far as you're concerned just think of this as the starting rate for all card types in the World. There are several hundred different card types that all can be run in different ways and therefore the list of possible rates per card is extensive. Typically you'll see them all bundled into 3 or 4 different categories. Terms like Qualified; Mid-Qualified; Non-Qualified usually represent "cheap," "not so cheap," and "expensive" respectively.

Interchange Fee: A fee paid by an acquirer to an issuer for transactions entered into interchange. The interchange fee is a percentage applied, according to Visa/MasterCard each have their own criteria for their own categories. A transaction must meet the specified criteria for a category in order for that category's rate to be applied. Each transaction is evaluated individually, so various interchange rates may apply within one batch of a merchant transactions.The actual percentage rate (and usually a transaction fee) charged for each card type as described in "Interchange."

Issuing Financial Institution: The financial institution that extends credit to a cardholder through bankcard accounts. The financial institution issues a credit card and bills the cardholder for purchases against the bankcard account. Also referred to as the cardholder's financial institution.AKA Card Issuing Banks (i.e. Citibank Rewards Card; Chase Slate; HBC Platinum Card)

Manual Close: A batch close that must be initiated by the merchant on a daily basis, as opposed to an auto close at a preset time.When your machine doesn't settle itself at night and you have to do it manually.

Magnetic Stripe: A strip of magnetic tape affixed to the back of credit cards containing identifying data, such as account number and cardholder name.It actually contains all the data tat Card Company has on the cardholder.

Mail Order/Telephone Order (MOTO): Credit card transactions initiated via mail, email, or telephone. Also known as card-not-present transactions.Opposite of a retail account. Typically used to describe the way a merchant plans to run cards. Retail means swiped; MOTO means hand-keyed.

Merchant: A business that has contracted with an acquirer for card processing services and accepts credit cards as a method of payment for goods or services.That's you!

Merchant Account: The contract between a merchant and an acquiring bank for providing card processing services.The account that let's you take credit cards.

Merchant Identification Number (MID): This number is generated by a processor/acquirer and is specific to each individual merchant location. This number is used to identify the merchant during processing of daily transactions, rejects, adjustments, chargebacks, end-ofmonth processing fees, etc.Your unique account number.