PrivateID Glossary

All the key terms you need to know.

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A

Authorization

The process of receiving a response from an Issuing Bank regarding the status of a Card Payment or Deposit.

ACH Network

The processing network that pulls or pushes money to a bank account utilizing a batched nightly process.

ACH

Automated 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)

Account Holder

The consumer or business who owns the bank account utilized in an ACH Payment

ACH Network

The processing network that pulls or pushes money to a bank account utilizing a batched nightly process.

ACH Network

The processing network that pulls or pushes money to a bank account utilizing a batched nightly process.

B

Bank Identification Number (BIN)

The first six digital of a Card which will identify the Issuing Bank

C

CVV

Card Verification Value, also called Card Verification Code (CVC), refers to the 3 or 4 digit number on a Card.

Chargeback

A Payment that has been challenged by the Cardholder or Issuing Bank. Also known as Dispute.

Cardholder

The consumer or business who owns the card utilized in a Card Payment