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Effective Rate
The effective rate shows the amount of volume a business pays in credit card processing fees to process a given amount. It is shown as a percentage,...
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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 and check number. Special magnetic ink toner cartridges are used by check printers as well as authorized users of check by phone systems.
Related Terms
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Issuer
An issuer is the organization that issues a credit or debit card.
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