Platinum Transaction
Transaction Services
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At Platinum we built our business realizing that the best way to be successful is to make your ongoing satisfaction our top priority.

We look forward to helping you with all of your Visa®, MasterCard®, Discover® and American Express® credit card processing needs both now, and as your business grows.

One of the highest approval rates in the industry!
Plus, lowest guaranteed prices on all processing hardware and software
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FYI - Common Industry Terminology

  • Acquiring Bank - A bank that has a business relationship with a merchant and receives all credit card transactions from that merchant.

  • Authorization - Approval of a credit card transaction for a merchant by the card-issuing bank.

  • Authorization Code - A code assigned by the card issuing bank to a credit card sale to show that the transaction is authorized.

  • Bank Card - A credit card issued by a bank. Visa and MasterCard are bank cards. American Express and Discover are not.

  • Chargeback - A credit card transaction that is billed back to the merchant who made the sale. This happens when a credit cardholder disputes a charge on their bill by claiming the product was never delivered or the cardholder was dissatisfied with it in some way. Cardholders are suppose to try to obtain satisfaction from the merchant before disputing the bill with the credit card issuer.

  • Electronic Data Capture - Entering and processing the sales drafts by electronic means, In online payment schemes, capture is used to denote the electronic deposit of the sales draft with the acquiring bank.

  • Independent Sales Organization (ISO) - Independent sales organizations play a role in many business fields. In the credit card industry ISOs act as a third party between the merchant and the acquiring bank. Many businesses are unable to obtain merchant status through an acquiring bank because the bank views them as too large a risk, and need to go through an ISO to obtain merchant status.

  • Interchange - The transaction that takes place between the acquiring bank and the credit card-issuing bank.

  • Interchange Fee - A fee the acquiring bank pays to the credit card-issuing bank in order to process a credit card transaction involving a card holder's account. This fee is regulated by MasterCard and Visa, and is a percentage of the total transaction amount.

  • Merchant Discount - A percentage of the retail sale the merchant pays as a fee to the acquiring bank for processing the credit card transaction.

  • Merchant Status - A business is considered a "merchant" once they have authorization from an acquiring bank, ISO, or other financial institution to accept credit cards.

  • Sales draft - An instrument showing an obligation on the cardholder's part to pay money, (i.e.. the sale amount), to the card issuer. This is the piece of paper that you sign when making a purchase with your credit card. Sales draft data can be "captured" electronically and sent to be processed over the financial networks.



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