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ARC (Accounts Receivable Entry)
An ARC entry is a one time debit entry to the account of a receiver whom has previously been notified that their check (source document) will be...
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Payment Gateway
A payment gateway is an application service provider that authorizes credit card, debit card and electronic check payments for businesses. A payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone, or interactive voice response service) and the front-end processor or acquiring bank. When a customer orders a product from a payment gateway-enabled merchant, the payment gateway performs a variety of tasks to process the transaction.
Related Terms
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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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