Terms for Merchant Accounts
Recently, I have been thinking about starting a business and was inquiring about how payments are received via credit card. I have discovered the world of merchant accounts and some new jargon associated with them.
For instance, AVS stands for address verification system. This system is used to make sure the person using the credit card knows the actual billing address. Then there is the payment gateway, which is a safe and secure way to transfer the customer’s payment information over the Internet for verification.
Being from an ancient civilization, it seems to me that there certainly is much to learn when attempting to make money these days. Oh well, it will keep my old brain active!
