Account HolderThe consumer or business who owns the bank account utilized in an ACH Payment
ACHAutomated Clearing House, or ACH, is a type of transaction that utilizes a Routing and account number to pull or push funds to a bank account. Also called an EFT (Electronic Funds Transfer) or eCheck (Electronic Check).
ACH NetworkThe processing network that pulls or pushes money to a bank account utilizing a batched nightly process.
AuthorizationThe process of receiving a response from an Issuing Bank regarding the status of a Card Payment or Deposit.
Bank Identification Number (BIN)The first six digital of a Card which will identify the Issuing Bank
CaptureThe process of finalizing the submission of a card payment.
CardVisa, Mastercard, Discover, or American Express (or other accepted card brand) credit or debit card account.
Card DataThe 15 or 16 digit card number (PAN), expiration date, CVV, and billing address of the cardholder. Some elements of Card Data are required to be stored securely per PCI DSS requirements (such as the PAN), and some cannot be stored at all (CVV).
CardholderThe consumer or business who owns the card utilized in a Card Payment
ChargebackA Payment that has been challenged by the Cardholder or Issuing Bank. Also known as Dispute.
CVVCard Verification Value, also call Card Verification Code (CVC), refers to the 3 or 4 digit number on a Card.
DDADemand Deposit Account is the checking or savings account utilized in an ACH Payment.
DepositsMoney movement from the Merchant Ledger to a Merchant.
DisputeA Card or ACH Payment that has been challenged by the Cardholder, Account Holder, Issuing Bank, or RDFI.
Dues, Fees, and Assessments (DFA)The grouping of fees collected from the Merchant or Platform and paid to the Card Brands for costs associated with managing and maintaining the card networks.
EMVEuroPay, Mastercard, and Visa is a microchip based authentication method utilized for in-person Card Payments.
Faster DepositAn accelerated deposit to a Merchant
FundingA Payment that has been made available to the Merchant for Deposit
Gross DepositA Merchant deposit that the whole amount of the Payments processed, less Refunds and Disputes.
InterchangeGenerally expressed as a percentage of volume and per item fee on card volume, Interchange is collected from the Merchant or Platform and paid to the Issuing Bank via the Card Brands for costs associated with servicing the Cardholder. There are 1,000+ interchange categories assessed based on Merchant type, card type, entry method, and data elements included with the transaction.
Issuing BankThe financial institution who issued the card to the Cardholder
LedgerThe record of money movement or transfers for a particular entity or account.
MerchantA business using a Platform's software to move money
Merchant AccountThe account created for a Merchant for the purposes of processing Payments
Merchant BillingThe amounts charged to the Merchant for moving money through its account.
MIDMerchant Identification Number is the identifying number of a Merchant Account
Multi-Factor AuthenticationMethod for authenticating a user utilizing two or more factors. These factors generally include something the user has, something the user knows, or something the user is or does.
NACHANational Automated Clearing House Association is the entity that oversees the ACH network.
Net DepositA Merchant Deposit that is net of Merchant Billing.
NOCNotification of Change is a noticed provided by the RDFI indicating that information on the ACH Payment should be update prior to submitting additional transactions to the same DDA.
NSFA Non-Sufficient Funds is a type of ACH return due to the account not having sufficient funds for a particular Payment.
PANPrimary Account Number, referring to the 15 or 16 digit Card number.
Passthrough FeesUsed to describe the collection of fees that are charge to the Platform and directly passed to Card Brands for Interchange and Dues, Fees, and Assessments (DFA).
PayinsMoney movement from a User to a Merchant
PaymentMoney movement to or from a User on behalf of a Merchant, including Payins and Payouts
PCI DSSPayment Card Industry Data Security Standard is a set of requirements around data security. For more information visit https://www.pcisecuritystandards.org.
PlatformA SaaS platform utilizing Rainforest for payment functionality
RDFIReceiving Depository Financial Institution is the Account Holders bank for an ACH Payment.
Reason CodeAdditional information regarding the nature of a Dispute or Return.
ResidualsThe Merchant Billing amounts paid to a Platform after deducting costs.
Routing NumberThe 9-digit number that routes transactions to a particular bank for the purposes of processing an ACH or RTP Payment or Deposit.
RTPReal Time Payment is a processing network that pushes money in real-time to a bank account.
Sponsor BankThe financial institution who is responsible for Payments activity initiated by, or on behalf of, the Merchant
TokenizationThe process of replacing sensitive information, such an a PAN or ACH Account, with a surrogate value.
Top-upMoney movement from a Merchant or third-party into a Merchant Ledger
UserA consumer or business transacting with a Merchant