ETA CPP EXAM TEST BANK 2023/2024 NEW QUESTIONS AND ANSWERS A+.

ETA CPP EXAM TEST BANK 2023/2024 NEW QUESTIONS AND ANSWERS A+. NABU, APF and FANF - ANSWER MasterCard implemented a new fee, the Network Access and Brand Usage fee (NABU). And following right on the heels of the MasterCard announcement, on July 1, 2009 Visa implemented their U.S. Acquirer Processing Fee (APF). Card brand dues and assessments - ANSWER In addition to Interchange, each card brand includes additional fees based on the transaction amount and per transaction. These fees are called dues and assessments and typically range from 0.105% - 0.45% on the transaction amount [ $0.0025 - $0.04.] Like interchange, assessments are exactly the same for all credit card processors and no processor can give you a lower rate or a better deal on assessments. AVS and switch fees - ANSWER The fee is charged when your business utilizes the Address Verification Service to check that the address provided by a cardholder matches the address on file with the credit card company. Authorization fee - ANSWER The voice authorization fee applies when you use a telephone dial-up service for transaction authorization. A fee is charged for each call that is made. Voice authorization is useful in the event your terminal or software malfunctions or your internet connection isn't working. Batch fee - ANSWER A fee that is charged when you settle your daily transactions (also known as the batch) with your credit card processor. If you have no credit card transactions to settle on a particular day, you are not charged this fee. Clearing and settlement fees - ANSWER clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Chargeback and representment fees - ANSWER In short, a chargeback is a reversal of funds transferred. Statement or reporting fees - ANSWER Fees that are charged for receiving statements or reports. Rewards Cards - ANSWER A cashback reward program is an incentive program operated by credit card companies where a percentage of the amount spent is paid back to the card holder. Card Not Present transactions - ANSWER A card not present transaction (CNP, MO/TO, Mail Order / Telephone Order, MOTOEC) is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time ETA CPP EXAM TEST BANK 2023/2024 NEW QUESTIONS AND ANSWERS A+. that an order is given and payment effected. Quick Service Restaurants (QSR) - ANSWER a specific type of restaurant that serves fast food cuisine and has minimal table service. Emerging Markets - ANSWER countries in the process of rapid growth & industrialization Level 1 Data - ANSWER Level I purchasing card data includes the same information captured during a traditional credit card purchase transaction. This includes: total purchase amount, date, merchant category code and supplier/retailer name. Level 2 Data - ANSWER Level II purchasing card data includes the same information captured at Level I, plus the following: sales tax amount, customer's accounting code, merchant's tax ID number, applicable minority - and women-owned business status and sales outlet ZIP code. Level 3 Data - ANSWER Level III purchasing card data includes the same information captured at Levels I and II, plus the following: quantities, product codes, product descriptions, ship to ZIP, freight amount, duty amount, order/ticket number, unit of measure, extended item amount, discount indicator, discount amount, net/gross indicator, tax rate applied, tax type applied, debit or credit indicator and alternate tax identifier. Discount Rate (Credit/Debit) - ANSWER The discount rate is the fee paid by merchants to credit card processors as a fee associated with accepting general-use credit cards (such as Visa, MasterCard, American Express and Discover). Typically this fee runs between 1 percent and 3 percent, depending on the nature of the transaction. Daily or monthly discount - ANSWER With monthly discount, your processor deducts fees from your account in one lump sum once a month. With daily discount, your processor charges fees daily throughout the month as well as at the end of the month. Surcharge - ANSWER A charge added to the usual cost Billback - ANSWER Billback or bill back is an accounting service and/or suite of software that is used for cost recovery. ERR Rates - ANSWER Enhanced Rate Recovery Pricing. As a merchant business with an ERR rate of 1.69% for your merchant account, you will be charged 1.69% for any transaction that qualifies on The Interchange Table at 1.69% or below. Interchange Plus - ANSWER Interchange Plus pricing gets its name based on the fact that the rate charged for the transaction comes straight from the Interchange table "plus" a surcharge amount. Tiered - ANSWER Tiered pricing gets its name from the fact that there are multiple tiers set up to determine the price associated with the transaction. Sales Volume - ANSWER The quantity or number of goods sold or services sold in the normal operations of a company in a specified period. Transaction Counts - ANSWER the total number of transactions that are processed within a merchant account. Average Ticket - ANSWER Average ticket is a metric that provides details on the average amount of sales by a given customer. It is used by a range of businesses when analyzing business performance and sales activity. Authorization Fees - ANSWER The amount of money that is charged directly to an individual merchant account each time communication is made between credit card processing software (when the sale transaction is processed online, etc.) or point of sale (POS) terminal (when the sale transaction is processed physically in person) and the authorizing network. Effective rate - ANSWER The effective rate of a credit card processing statement is the total processing fees divided by total sales volume. Batches - ANSWER Batch credit card processing is the practice of a merchant processing all of its authorized credit card transactions for the day after the close of business or at a time determined by the credit card processor. Chargeback Activity - ANSWER A chargeback is a transaction reversal meant to serve as a form of consumer protection from fraudulent activity committed by both merchants and individuals. PCI Compliance - ANSWER The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment.