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Merchant Account Glossary: Referral, Settlement, Smart Card

Referral

The merchant will see a message displayed on their POS terminal when an electronic attempt for authorization is denied and must be authorized by calling the Voice Authorization center.

Settlement

This is the process by which a transaction with an authorization code is sent to the merchant processor for payment to the merchant (and shortly thereafter to the merchant's bank account).

Smart Card

This is a plastic card that contains a computer chip which stores electronic "money." It is similar to a prepaid calling card but is available for all purchases.

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