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Discount Rate
Merchants are charged a fee for the processing services that enable them to accept cards as payment. This fee, called the "merchant discount” or "discount rate,” is...
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Acquirer
An acquirer is a bank that processes credit and debit card transactions for a merchant.
Related Terms
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MICR (Magnetic Ink Character Recognition)
The information printed on a check in magnetic ink. The MICR information helps MICR scanners retrieve important information from the check including the routing number, account number...
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