Before you get started, it is a good idea to become familiar with some of the terms that are used throughout this section. The following is a list of some of the most commonly used terms.
An acquiring financial institution is a bank or other financial organization that contracts with banks and merchants to allow merchants to accept card transactions. Some financial institutions perform merchant services; others outsource these services to a third-party processor.
An authorization is an electronic request for approval of the sale that is sent to the financial institution that issued the customer's credit/debit card. Authorization options in iMIS include Manual, Immediate, and Deferred. Manual is the default authorization setting.
A batch is an accumulation of card transaction authorizations that are awaiting settlement.
A capture is the process of submitting a credit/debit card sale for financial settlement. When a transaction is captured, the sale amount is credited to your deposit account through your acquiring financial institution and posted to the cardholder's credit/debit card account. This transaction usually occurs after midnight when authorizations for the previous day are batched.
A card authorization gateway is a third-party credit/debit card interface, similar to an automated point-of-sale system that provides a front end to financial networks, financial institutions, and payment processors, which allows merchants to provide credit/debit card authorization to their clients.
The 3- or 4-digit, non-embossed number that displays on the front or back of a credit/debit card; often used as an added measure of verification for card transactions. The Card Security Code (CSC) is not part of the actual card number.
(Doing Business As) A DBA name is the name used to identify the business, as opposed to the business' legal name.
Deferred authorization is transaction information that is saved for later processing.
Manual authorization option enables a system licensed for card authorization to turn off automatic authorization.
Editing is the process of changing the payment information for a transaction in the Trans database table in iMIS.
To flag is to mark a transaction to be processed later.
With immediate authorization, the payment information is sent immediately to the gateway for authorization (and for later capture) when a credit/debit card transaction is entered.
10.6 Production Release. Updated 11/16/2005 12:15:53 PM
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