Glossary of Terms: B
Business to Business - refers to one business communicating with or selling to another.
The settlement provider responsible for finalizing transactions, routing payment to a merchant's account and generating statements.
A financial statement that lists assets, liabilities and net worth as of a specific date.
A group of approved credit card transactions, usually accumulated during one business day.
The electronic depositing of a batch file transmitted to the transaction processor for settlement.
The authorization of transactions offline when immediate approval is not required. Transactions are collected in a batch and sent as one transmission for authorization and/or settlement. Batch processing is generally used with mail/telephone order transactions and is sometimes refered to as "Store & Forward."
The speed at which a PC or terminal modem transmits data through the telephone line.
Bank Identification Number - a unique series of numbers assigned by Visa/MasterCard to a member institution, which identifies that institution in transaction processing. The BIN comprises the first six digits of a standard credit card number.