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Billing Descriptor
Billing descriptor is the way a company's name appears on a credit card statement and is set up when the merchant account is established. It is used by the credit card customer to identify who a payment was made to on a particular transaction. The name used is typically the trading name of the business rather than the legal name so that it can be easily recognised by the customer. The billing descriptor may also be made up of a soft or dynamic descriptor that includes the name of the service provided, this is often used by large companies that provide many services and where the brand of the service is more familiar than the company name. Selecting a clear billing descriptor is important for a merchant to avoid a chargeback when the credit card customer does not recognise the name on the transaction. Static descriptors If the company offers a single service or product, this descriptor would be sufficient. (ex. ZXC Services&Products 800-123-4567) Dynamic descriptors There are dyn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchant Account
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. A high-risk merchant account is a business account or merchant account that allows the business to accept online payments though they are considered to be of high-risk nature by the banks and credit card processors. The industries that possess this account are adult industry, travel, Forex trading business, multilevel market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |