A unique alphanumeric value returned by the issuer when a transaction is approved. It serves as a reference for the approved authorization and can be used in follow-on actions like capture and settlement.
The real-time step where the issuer approves or declines a transaction amount, placing a temporary hold on funds or credit. Authorization confirms the card is valid and funds are available, but it is not a transfer of funds.
A U.S. network that moves funds electronically between bank accounts, commonly used for payroll, vendor payments, and recurring billing. ACH transactions are processed in batches and typically settle within 1–3 business days.
The financial institution or processor that enables merchants to accept card payments and settles funds to the merchant account. The acquirer routes transaction data to the card networks and issuers and manages merchant underwriting and risk.
A fraud-prevention tool that compares the billing address provided by the customer with the address on file at the issuing bank. It’s commonly used in card-not-present transactions to reduce unauthorized charges.