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Glossary of Terms
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F
Factoring
The purchase of debts owed, or "accounts receivable," in exchange for immediate payment at a
discount. In e-commerce, the term is often applied to ISOs that offer to process credit card transactions through
their own merchant account rather than through an account established by the merchant, in exchange for a
percentage of the transaction or other fee. Factoring of credit card debt is illegal.
Fleet Card
A card issued to corporations for control and tracking of fleet purchases on a single card.
Floor Limit
The minimum dollar amount established for a single unauthorized transaction. Authorize transactions
exceeding the floor limit. A zero floor limit requires an authorization on all transactions.
Fund Turn-Around Time
Time it takes to receive deposits after a batch is transmitted to a merchant's bank.
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