Chargeback
A chargeback is a transaction that you charged your customer which they've disputed with their issuing credit card company. This has nothing to do with LNC Merchant Services and is all handled by your customers issuing credit card. All consumers have a right to do a chargeback if they disagree with a charge they've received on their credit card statement. They can dispute a charge for a number of reasons, for example: they don't recognize the charge on their bill and suspect it may be fraudulent, they did not receive an item they purchased, they returned an item and it was never credited, they were charged twice, they made an attempt to reconcile a dispute over services rendered by the provider but got no satisfaction, etc. Any of these can be valid reasons for a chargeback. It is up to you to retain records of services/products you provide along with tracking numbers if items were shipped, signatures on any contracts agreed to and an imprint of the credit card if it was not swiped through a magnetic stripe reader. Sometimes, it is necessary for you to issue a credit to your customers to avoid a chargeback, which will incur chargeback fees from the investigating bank. You are NOT charged a chargeback fee if you win the dispute. If you receive too many chargebacks, Mastercard®/Visa® could determine your business is too high risk to provide services for and terminate your account. Many times the manual imprint of the credit card is the biggest factor in whether or not you win the dispute, so get those imprints!

Interchange
Interchange is the organization that rules over the credit card industry. Much like the Federal Reserve controls interest rates, Interchange controls credit card rates. All processors are given THE SAME Interchange rates and they mark them up independently. They regulate non-qualified fees also and we pass those through to the merchant. Interchange is the organization that is responsible for rate increases as well.

Non-Qualified Transaction
Non-Qualified refers to any transaction that is not typical for your business. If you're retail, a non-qualified could be a keyed in transaction. Business credit cards, government credit cards and international cards are all non-qualified transactions and will be charged a higher transaction percentage by the credit card companies. This is done by Interchange (the governing body over all credit card processors) and has nothing to do with the individual processor.

Manual Imprinter
This is what's also known as a "knuckle buster". Remember those old clunky things that you used to have to lay the carbon copy credit card slip in and write the amount into the box and then swipe the roller over it to make an impression of the credit card? That's what this is, although they've evolved and are not quite as big and clunky as they once were. They come in a couple different models; the flatbed/desktop model and the portable/pocket model for those on the go. These are recommended highly by us and actually required by Mastercard® and Visa® as a backup to your electronic machine. In many cases, should you encounter a chargeback dispute, your manual imprint of the credit card is all you'll need for your company to win the dispute and avoid costly chargeback fees.

MOTO/MOPO
This means "mail order telephone order" or "mail order phone order" depending on the document, and are both the same thing. They refer to not only the mail/phone order transactions but it's the term used to describe any transaction that is keyed in vs. swiped through a machine. You could conceivably be online doing internet orders yet your business type would still be classified as MOTO/MOPO. Rates are higher for this type of business due to the higher risk involved by not having a credit card present at the time of the sale. Whenever possible, you should take an impression of the credit card with a manual imprinter.

Retail
This refers to your business type. Retail businesses should do approximately 90% or more of their business via card-present, "swiped" transactions through a magnetic stripe reading machine. This doesn't mean that you can't do the occasional keyed in transaction if the card is de-magnitized or if someone calls over the phone, it just means that the majority of your business is done face to face. Remember, for those transactions that are keyed in, there is a higher transaction percentage deducted.

Trade Reference
On your merchant application, it asks for 2 trade references. These are any other business that you've done business with. This could be a web-developer, phone company, landlord, Mortgage provider for your retail space, credit card company, etc.

Store N Forward (Store and Forward)