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SOME OF THE TERMS ASSOCIATED WITH GAMBLING CREDIT CARD PROCESSING

The following are some of the terms that are associated with the credit cards.

Receipt: -When the word receipt is used with credit cards it refers to a document which will provide the record of the transaction which happened at a sale point. This term may also denote a copy which is printable for a transaction in which the card was not present. This will contain information on the following: buyer details, the amount, date and the details of transaction. Besides the receipt will have a number for reference.

Recurring Bill: The term recurring bill is associated with the transaction in which the merchant will be given permission to charge their debit card or credit card periodically by the holder of the card. The charge is for goods or service which will be rendered by yearly or monthly basis.

Reference Number: This number will be associated with each of the transactions and is for being identifiable for the buyer, the merchant, other stakeholders and the acquisition bank which are party in the transaction. A statement on a monthly basis will have this printed on it. This will allow the holder of credit card to differentiate between the transactions if they wish or they will have reason to raise the issues.

Refund: When a holder of debit card or credit card has funds which are credited to their account because of some mistake or any other cause and will result in crediting their account to provide a comeback to the status quo.

Retail Merchant: This term means a merchant that will provide goods than services. Merchant will be operating in the section of consumer retail. The card present will also be processed as pose to the transactions in which the card was not present.

Sales Draft: This term means evidence in the form of hard copy of the purchasing of services or goods by the holder of the card.

Secured Credit Cards: This term is used to refer to the credit cards where in businesses assets or a person is transferable directly should they are not able to honour the payment schedules which are formulated. This is usually done when a person possesses a poor history of credit or he is not able for passing a check credit or may pose considerable risk to an organization dealing with finance to be provided the credit terms. The assets can be either of the following: car, home or business shares.

Service Charge: This can be said to be a component in the pricing of financial organisations. This is usually a one-time charge rather than a yearly or monthly basis. The charge is fixed. Although there are arguments that the service charge will result in lowered costs in future. This is because you need not accumulatively burden the cost.

Settlement: With credit cards this term means the activity of selling and buying which takes place in the market and will be using credit cards for the transactions. The companies issuing cards, merchants, acquirers and the processors all have a role. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.