Credit Card Processing Glossary of Terms

Here is a list of terms commonly used in the credit card processing industry.  Now you’ll know what your processing company is saying…

Electronic Payment Processing Basics

There are essentially two types of credit cards: bankcards and non-bank cards. Visa and MasterCard are considered bankcards. American Express, Discover, Diners and Carte Blanche are considered non-bank cards. Encore Payment Systems processes all major credit cards including Visa, MasterCard, American Express, Discover, and Diners. To accept credit cards, merchants are required to pay standard fees called discount rates and transaction fees. The discount rate is a percentage of each transaction and the transaction fee is a flat fee that is charged on a per sale basis.