5 Essential Payment Terms Commercial Sales-Agents Should Know
Here are five terms that top the list that every sales agent should know.
1. EMV
Europay, Mastercard, Visa (EMV) is an international standard established by chip card technology for debit and credit payment cards. EMV helps to reduce fraud by protecting merchants, consumers, and issuers from possible losses caused by stolen or fake cards used during payment.
2. Ancillary Fees
These fees include statement fees, customer services fees, monthly minimums, and batch fees. They can be found written on a merchant account statement.
3. Payment Card Industry compliance
Payment Card Industry compliance is the regulations of the Payment Card Industry Security Standards Council's (PCI-DSS) guidelines for every Merchant Account holder. It is vital for a Sales agent to help merchants become PCI Compliant by using the best credit card company like Wow Payments who are PCI Compliant.
4. Merchant Processing Agreement(MPA) with Monthly Processing limit
MPA is a contract between a merchant and a merchant services provider that states the agreement and guidelines of both parties as regards credit card processing. It includes Monthly Processing limit which is the amount of money a merchant can process every month before acquiring extra fees.
5. Chargeback
A chargeback occurs when a cardholder disagrees with a charge and asks for a refund from the card issuer if they received a damaged or defective item, did not receive their item, did not receive their item on-time, or they do not recognize the charge.