INFOMERCIAL PAYMENT PROCESSING

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MERCHANT ACCOUNTS & TRANSACTION PROCESSING FOR INFOMERCIAL PRODUCTS

MERCHANT ACCOUNTS

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PAYMENT GATEWAYS

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Merchant Accounts
E-Checks
Payment Gateways
Transaction Processing
Fraud Protection
Merchant Accounts are available for accepting Visa, MasterCard, American Express, Discover and debit cards
Take checks over the phone. This product is called an "electronic check" or an "e-check".
A payment gateway takes electronic payment information from your shopping cart or call center and translates it for merchant account processing.
Cutting-edge electronic financial transaction services include credit cards, debit cards and e-checks.
When consumers dispute charges or charge back for items purchased, merchants are liable.

Moulton Logistics

GLOSSARY


Authorization
The first requirement when processing a credit card transaction. The amount charged on the card is compared to the individuals' bank account balance, and that amount is then put on hold for approximately 72 hours. The process then goes to Settlement. Infomercial Payment Processing

AVS (Address Verification System)
This is an automatic check done on credit card transactions that verifies that the billing address supplied by the customer is the same address for the credit card presented at the time of payment. This is feature is built into most credit card transaction processing equipment in order to prevent fraud. Infomercial Payment Processing

Backorder
This is an order for a product that is currently out-of stock that will arrive after the shipping date it was originally expected on. Infomercial Payment Processing

Batch
This is a collection of credit card transactions that a merchant collects over a certain amount of time. Typically batches of credit card transactions are collected in one day and then submitted to the acquiring bank at one time; often at the end of the day. A batch fee is charged by acquiring bank so as to encourage merchants to submit their credit card transactions in groups as apposed to doing a number of transactions each day. Infomercial Payment Processing

Bill of Lading (BOL)
This is a written receipt from the carrier which specifies and confirms information such as what is being shipped and how many items are being shipped to the shipper. Infomercial Payment Processing

Card Issuer
This refers to a financial institution, typically a bank, which institutes a line of credit with a particular cardholder, and is responsible for issuing the credit card which will be used to purchase goods and services. Infomercial Payment Processing

Cash on Delivery or Collect on Delivery (COD)
This is a type of shipment in which the cost of the item and the cost of shipping the item is paid at the time of delivery. Infomercial Payment Processing

Chargeback
This is a credit card transaction where money is given back to an unsatisfied customer from a merchant after the return of a product has been settled. This happens when a customer has been unhappy with the product they have purchased.
Merchants can reduce chargebacks by ensuring their customer service department is proactive and is skilled in effectively resolving disputes with customers before a chargeback is requested. Many merchants choose to outsource their customer service department to ensure the highest quality and reduce chargeback occurrences. Infomercial Payment Processing

Decline
This is when a charge can't be authorized for whatever reason, whether that be because there are not enough funds available in an account or because a credit card has gone past its expiring date, or has been reported stolen. Infomercial Payment Processing

Discount Rate
This is a fee based on a percentage, typically between two and ten percent, which is charged by an ISO or acquiring bank for time and expense used to handle electronic transactions. Infomercial Payment Processing

Drop Shipping
This refers to products being on hand at a main warehouse just before the airtime of an infomercial intending to sell that product. Infomercial Payment Processing

E-Checks
Customers can use E-Checks either by Internet or telephone, without customer service intervention. No signature is required for the check to clear. E-Checks can be used by customers to pay bills or order products. Infomercial Payment Processing

E-Commerce
This refers to electronic commerce which is an automated or a semi-automated form of online commerce allowing a consumer to purchase a product or order a service electronically using a website or email.
E-commerce can also mean a transaction through Electronic Data Interchange (EDI) with the use of peer-to-peer systems, intranets and additional electronic means.
An e-commerce fulfillment house specializes in importing these types of orders into its database, and then taking care of the handling, packing, and shipping of the products, as well as providing continuous customer service. Infomercial Payment Processing

EDI (Electronic Data Interface)
Electronic processing of payroll, child support, taxes and bank transfers. Also allows you to make deposits right from your office! Infomercial Payment Processing

E-Invoices
This service allows customers to receive an email telling them that their monthly bill is now ready for viewing. The invoice can be viewed, downloaded, or printed. They can also pay the bill over the Internet with speed and convenience using an E-Check. Infomercial Payment Processing

Electronic Advance Check
Customer process their advance lease checks or deposits electronically. Infomercial Payment Processing

Electronic Check Recovery
Revolutionizes the collection of NSF (bounced) checks by converting a paper check into an electronic check for electronic collection of the face value and service fee. An electronic check is cleared quickly without bank fees and can be timed for higher collecting efficiency. 2 attempts are allowed to re-clear with E-checks instead of only 1 with a paper check. With E-checks only the NSF collection fee of $25.00 (by state) is allowed! We share part of this with you! Infomercial Payment Processing

Electronic Lockbox
You can now convert paper checks into electronic items. This system is designed to allow companies that receive checks in the mail to process thes checks directly through CEC. Actual checks are no longer required to be taken to the bank as they are deposited electronically. Infomercial Payment Processing

E-Logistics
In regards to third party logistics, e-logistics refers to the act of managing all back-end operations that involve handling the data as well as intramodal and intermodel communications over networks. Infomercial Payment Processing

Fulfillment
This refers to the functions involved in an infomercial campaign, from the warehousing, labeling, packaging, shipping and tracking of a product Often fulfillment functions are subcontracted to 'fulfillment houses' who specialize in this business. Some offer their clients inbound phone customer service. Infomercial Payment Processing

Gateway Processor
A gateway processor charges your customers' credit cards via the web and sends the funds to your merchant account. Infomercial Payment Processing

General Ledger Posting
Posting direct to your general ledger electronically. This feature saves you the task of inputting or updating your general ledger for any E-Check activity which has occurred or the checks that have bounced. Infomercial Payment Processing

Issuing Bank
This is the bank that keeps the consumer's credit card account and is responsible for taking the money out of a merchant's account in order to pay for a purchase made from a credit card. Then the issuing bank sends a bill to the consumer for the amount paid. Infomercial Payment Processing

Merchant Account
This is an account that a merchant acquires from a credit card issuer. This type of account allows a merchant the ability to process his customer's credit card purchases. In order to run a successful B2C e-commerce as well as B2B e-commerce a merchant must have merchant accounts with the major credit cards such as MasterCard, Visa, Discover and American Express.

It is also important that a merchant keep a good working relationship with these account providers and can do this by running a quality customer service department, as well as insuring that customer orders are shipped promptly and accurately. In order to maintain this quality service a merchant may choose to use the services of a third party fulfillment service. Infomercial Payment Processing

Merchant Account Processor
-this refers to the company that authorizes and processes credit card transactions for a fee. Infomercial Payment Processing

Merchant Bank
This is a financial institution that provides merchants with credit card processing accounts. It's also an acquiring bank that receives funds from a cardholder once the credit card transaction is finalized, and deposits that payment amount, minus any fees, into the merchant's account. Infomercial Payment Processing

Monthly Processing Minimum
The monthly processing minimum is the MINIMUM monthly fee you must pay to the credit card company. A competitive monthly minimum is approx $30. Example: If you sell $1000 in goods over one month, your total Discount Rate (see explaination above) would be $23.90. This amount does not meet the $30 minimum so the credit card company will round your charge up to $30. If the discount rate and transaction fees exceed $30, then you have met the Monthly Processing Minimum and the fee does not apply. Infomercial Payment Processing

Multiple Payments
This is a sales offer technique which breaks down the retail price of a product into smaller amounts which can be paid in installments with the use of a credit card or with advertiser sponsored financing. Infomercial Payment Processing

Offline Processing
This method of credit card charging allows you to capture your customers' credit card information for charging at a later time. If you have an existing offline merchant account, this may be a good option for you. Infomercial Payment Processing

Past Due
This is the status of an order or a product which has gone past its required shipping date without having completed fulfillment tasks associated with the order completed. Past due orders differ from back orders, because the product is actually on hand, but has not been shipped out yet. Infomercial Payment Processing

Payment Processing
This is a secure processing system done in real time for online debit card and credit card transactions. This process also includes the verification and the authentication of a credit card that is used to buy products or pay for services. Infomercial Payment Processing

PCI Compliant
The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard for organizations that handle cardholder information for the major debit, credit, prepaid, e-purse, ATM, and POS cards.


Point-of-Sale Conversion
Allows you to process checks like credit cards by converting a paper check to an electronic transaction at the point-of-sale. You can also verify a check before accepting it. Infomercial Payment Processing

Post-Sale Conversion
This service allows a merchant to process their paper checks after their customers have completed a sale using a check reader and a PC or a high speed check reader and collect the funds within 24-48 hours without going to the bank; it also eliminates bank deposit fees. Infomercial Payment Processing

Real-Time Processing
This method of credit card charging authorizes and charges the customer's credit card at the time of purchase. Infomercial Payment Processing

Returns
This is the number of items, the dollar amount or the calculated percentage of total sales returned to the direct marketer in order to get a refund. Infomercial Payment Processing

Reverse Logistics
This is when products are returned from B2C or B2B operations and processed. Reverse logistics typically involves product refurbishing, customer service, repackaging of products, processing refunds and credits, liquidation of a product, and the restoration of the product to inventory. Infomercial Payment Processing

Secure Socket Layer (SSL)
SSL is a secure web protocol that uses 128 bit or higher encryption to keep your customer's card number and personal information secure. Infomercial Payment Processing

Selling Cycle
This is a cycle of information that gives details of the product information. It's typically put into one of three pods and replayed throughout the infomercial, but rearranged in a different manner. Each selling cycle lists the features of a product, the benefits, the credibility, the guarantee, the offer, the substantiation and the call to action. Infomercial Payment Processing

Settlement
This is when all necessary funds are transferred so a merchant who is involved in a credit card transaction gets paid for goods or services. Infomercial Payment Processing

Shipping and Handling (S & H.)
This is an added cost charged to the consumer which is tacked on to the stated product price, which is stated on the billboard. Infomercial Payment Processing

Statement Fee
This charge is exactly as it sounds. The fee you pay for the bank to generate and mail you a statement outlining your transactions. Statement fees usually cost between $10.00-$15.00/month. Infomercial Payment Processing

Transaction Fee
Most companies charge around $0.30 per transaction. If you make 50 sales per month, the total transaction fee would equal $15.00 (0.30 x 50 = $15.00). Infomercial Payment Processing

Upsell
This refers to any product that is also offered to a DRTV customer at the time of their initial phone order. Inbound telemarketers may offer a caller a one or more additional related items for a discounted price, after the key product is ordered. Infomercial Payment Processing

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