Merchant Account

An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.

Related Terms

  • Convenience Fees

    These fees allow for the quick offset of transaction processing costs for methods of payment that are outside of a business’s traditional methods. Learn More

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  • TEL (Telephone Initiated Entries)

    A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over...

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