The ACH network provides a means for businesses and consumers to make payments and receive payments electronically. The ACH network is also used for other types of transactions, such as automatic withdrawals for bills and payments. If there is an issue with an ACH payment or withdrawal, the financial institution...
What is a Merchant Category Code (MCC)?
A Merchant Category Code (MCC) is a four-digit number assigned to a particular merchant. Each MCC identifies the primary industry of an individual business or entity, and can be found on either your bank's payment card statement or via credit bureau reports. This code is necessary for reporting accurate sales...
Card Present vs. Card Not Present Transactions
As mentioned earlier, there are two types of credit card transactions: card present and card not present. Card present transactions are those in which the physical credit card is presented to the merchant by the cardholder. This type of transaction generally offers more protection for both the consumer and the...
How ACH Payments Work?
ACH, which stands for Automated Clearing House ,is a payment system created in the United States.It is considered as an electronic banking network that enables all kinds of transactions between banks and customers such as bill payments, debits and credits etc.ACH transfers are most often used by businesses to receive...
What does partial authorization mean?
When payers give medical providers authorization to provide care that is medically appropriate, it’s called full or partial authorization. Without authorization, your health plan company can deny services you need. Your healthcare provider's office may have completed some forms requesting authorization before you received the service(s). If this has happened,...