10 Terms to Know About Merchant Accounts
Welcome to the world of payment processing. There’s a lot of lingo that’s specific to merchant accounts and merchant services. When you’re shopping for a merchant services provider, you might be confused at some of the commonplace terminology. We’ve put together a list of 10 terms you absolutely need to know.
- Average Ticket Size
The average ticket size refers to the average amount of each credit card transaction. You’ll be asked for the average ticket size when you’re opening a new merchant account. If you’ve never taken credit cards before, then you will be asked to give an estimate.
The batch is the total amount of a day’s card transactions. When you process the batch at the end of the day, no more changes can be made to the transactions.