CheckGateway.com’s Glossary of Financial Terms (I-J)

Use CheckGateway.com as your information resource. Look through our glossary to get the details you need about merchant services, fraud protection and ACH processing.

Independent Sales Organization

An organization that processes merchants’ online credit card transactions in exchange for a percentage of the sales or transaction fees.

Interchange

The process by which all parties involved in a credit card transaction manage the processing, clearing and settlement of credit card transactions, including the assessment, and collection and/or distribution of fees between parties.

Issuing Bank

Also known as an "Issuer". This is the bank that maintains a consumer's credit card account and will pay out to a merchant's account when the consumer makes a credit card purchase. At the end of the month the issuing bank will bill the customer for the debt.

Joint Account

A bank or credit card account naming two or more parties as account owners.