MOTO discount rate

The discount rate charged by the merchant account provider for credit card transactions in which the actual credit card was not available to the merchant. MOTO discount rates are generally higher than swipe discount rates to account for the increased chance of fraud or nonpayment.


Mail Order/Telephone Order – Mail order or phone order card-not-present purchase. See CNP for more information.

Monthly minimum

The minimum amount in fees and percentages charged by a merchant services provider in a given month. If account activity does not generate the monthly minimum, the account holder must make up the difference.

Mobile payment

Payment made with a mobile payment application using a mobile device such as a smartphone or tablet. Examples include Apple Pay, Cash App, Google Pay, Venmo, and Zelle.

Merchant bank

A bank that has entered into an agreement with a merchant to accept deposits generated by bank card transactions; also referred to as the “acquirer” or “acquiring bank.”

Merchant account

A specialized bank-approved and issued account to process credit card transactions. It is one of three parts needed to accept credit cards. The other required parts are a local bank checking account (to deposit funds) and a processing solution (to access the merchant account) such as a terminal or gateway.


A retailer, or any other person, firm, or corporation that (pursuant to a merchant agreement) agrees to accept credit cards, debit cards, or both, when properly presented.


An institution that participates in the programs offered by card associations such as issuers and acquirers.


Multi Currency Pricing – An e-commerce solution that converts the merchant’s base currency into the customer’s foreign currency. Merchants are funded in US currency at a guaranteed rate without any fluctuation risk.