A high-risk merchant account is a merchant account associated with a business that is at elevated risk for chargebacks. Often this is less about the business practices of the particular merchant and more about the tendencies toward chargebacks inherent in their industry.
Frequently Asked Questions
“Transaction settlement” is the term for the actual process of the issuing bank moving funds from the consumer’s account to the merchant’s account with the acquiring bank.
Visa Merchant Purchase Inquiry is a tool that has been reconstructed and rebranded as Verifi Order Insight. Order Insight is a tool that integrates with top credit card issuers’ systems and allows all parties to access the relevant order details, resolving disputes before they become chargebacks. The information that Order Insight collects includes the date of purchase, the device used to process the purchase, merchant name and contact info, and details and descriptors for the purchased item or service.
A Value-Added Reseller (VAR) sheet is the file containing the identifying information for a merchant, including merchant account information, MID, processor info, and MCC. It is also known as a tear sheet or a parameter sheet.
Card networks are companies—such as Visa, Mastercard, or American Express—that facilitate credit card and debit card payments by lending funds to merchants and seeking reimbursement from cardholders.