Cardknox feature that enables the AVS response to occur before the authorization so that if the transaction is declined, there is no temporary hold on the customer’s card.
Address Verification System – Also referred to as Address Verification Service, AVS is a system used to verify whether the billing address given by the customer matches the credit card used for the transaction. This system checks the billing address of the credit card provided by the user with the address on file at the credit card company. If a merchant chooses not to use AVS, Visa and Mastercard will not support their transactions and will charge an additional percentage on those sales.
A code notifying you that you have obtained the authorization for a specific card transaction.
A process defined in operations regulations whereby a transaction is approved by or on behalf of an issuer; commonly understood to be receiving of a sales validation by the merchant, telephone, or authorization terminal.
Automated Teller Machine – An unattended, magnetic stripe-reading or EMV (Europay, Mastercard®, and Visa®) chip-enabled terminal that dispenses cash, accepts deposits and loan payments, enables a bank customer to order transfers among accounts, and make account inquiries.
Application Programming Interface – A technological interface or communication protocol between a client and a server intended to simplify the building of client-side software. See https://www.cardknox.com/features-cardknox/ for more information.
A yearly fee charged by some independent sales organizations (ISOs) and acquirers to maintain a merchant’s account. This is also called a renewal fee, subscription fee, or membership fee.
Anti-Money Laundering – A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. See KYC for more information.
Automatic Funds Transfer – A transaction in which funds are securely transferred from one bank account to another via electronic or telecommunications technology.
A licensed member that maintains the merchant relationship and acquires the data relating to a transaction from the merchant or card acceptor and submits that data into interchange, either directly or indirectly.