A

Question 1

acquirer

Answer 1

A financial institution that processes credit and debit card transactions on behalf of the card issuers

Question 2

API - Application Programming Interface

Answer 2

It allows software solutions to communicate with each other

Question 3

APMs - Alternative payment methods

Answer 3

Ways of paying for goods or services which are not made via cash or major card schemes

Question 4

Authorization/apporval

Answer 4

This is the process of the card issuing bank verifying that a payment is valid and can proceed and where it captures the funds for later use

Question 5

ATV

Answer 5

the average amount spent per customer order. Often used as a performance metric

Question 6

ACH - Automated clearing house

Answer 6

The ACH Network is an electronice system that serves financial institutions to facilitate financial transactions in the U.S

Question 7

ARN Number

Answer 7

Also known as a trace ID, an ARN is a unique number that is assigned to a card transaction when it is transferred from a merchant’s bank to a card holder’s bank. The ARN is used to trace where the funds are in the transaction’s process and track the transaction’s progress

Question 8

AVS

Answer 8

A fraud reduction service that allows the Merchant to verify a Cardholder’s billing address prior to completing a Card Not Presenting Transaction

Question 9

AML - Anti Money Laudering

Answer 9

is the execution of transactions to eventually convert illegally obtained money into legal money. AML act, laws or AML legislations is becoming increasingly strict for financial service providers. They must be prevented from financial crimes, financial action and/or terrorism