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Authorizations (Card Processing)
All transactions must be authorized via terminal, cash register, voice authorization, or automated voice response phone system (IVR).
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Effective Rate
The effective rate shows the amount of volume a business pays in credit card processing fees to process a given amount. It is shown as a percentage, and is calculated by dividing gross processing fees by gross sales. Learn More
Related Terms
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FDIC (Federal Deposit Insurance Corporation)
The Federal Deposit Insurance Corporation provides deposit insurance to depositors within U.S. banks. Its primary source of funding is through member dues from included banks.
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