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| A |
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| Accounts Payable: |
| Debts that your business owes
to creditors. |
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| Accounts Receivable: |
| Debts that are owed to your
business. |
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| Address Verification Service
(AVS): |
| Visa's fraud reduction service
which uses the Address Verification Service to verify
the cardholder's billing address before completing a credit
card transaction. |
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| Annual Fee: |
| Various card issuers charge
an annual fee, which can help offset costs that issuers
incur in maintaining accounts. |
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| Annual Percentage Rate
(APR): |
| Sometimes also called the interest
rate. The yearly interest rate or percentage that one
pays on an outstanding balance in the form of interest. |
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| Audit: |
| An inspection and/or verification
of a company’s financial accounts, records, and/or
accounting practices & procedures. |
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| Authorization: |
| Approval from the financial
institution of the issuing bank on a credit card which
allows the merchant to accept the transaction for the
given amount. |
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| Authorization Code: |
| The code that notifies the
merchant of the obtained authorization for a specific
Visa card transaction. This code should be printed on
the sales receipt or slip for your records. |
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| C |
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| Cancellation Code: |
| This code is given to a motel
or car rental merchant and then the merchant gives it
to the cardholder. The cancellation code confirms that
the cardholder did, indeed, cancel a reservation and they
will not be charged the full amount of the service. |
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| Cash Flow: |
| Your incoming cash versus your
outgoing cash. |
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| Chargeback: |
| Also known as a "Debit
Memo," a chargeback is a reversal of a credit card
transaction. |
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| "Code 10" Authorization: |
| A voice authorization code
that a merchant initiates when faced with a card that
is suspected to be stolen or fake, or when a customer
is acting suspiciously. |
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| Collateral: |
| Property that is provided to
secure a loan or other credit and that becomes subject
to seizure upon default. |
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| Commercial Credit: |
| Short term credit that a seller
gives to a buyer to pay for a service or product. |
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| Credit Bureau: |
| Services like Experian or Equifax
that gather information about consumers finances, especially
loans or credit card debts. They then sell this information
to businesses and lenders which use that data to make
decision on whether or not to loan or sell an item like
a house or car to you. |
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| Credit Rating: |
| This tracks a business’
history of paying back debts. A credit rating determines
your chances of getting future loans. |
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| D |
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| Debit Memo: |
| See Chargeback. |
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| Disclosure: |
| These are the terms or conditions
for refunds, cancellations, or modifications made to reservations. |
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| Draft/Sales Draft: |
| A record or receipt used to
document that a good or service was purchased. |
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| E |
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| Employer Identification
Number (EID): |
| An IRS-assigned number given
to a business after it files an application form called
"SS-4" for a Federal Tax ID. This number is
put on all business tax returns and other significant
documents. |
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| Equity: |
| The business' debts subtracted
from its current market value is your business' equity.
For example, if your debts come to $100,000, but your
business could sell today for $500,000 - you have $400,000
in equity. |
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| Expense Account: |
| Account that businesses use
to pay for business-related travel and entertainment costs. |
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| Extended Warranty: |
| Extend the life of your purchase.
With this program you can double the U.S. manufacturer's
or store brand warranty's period protection. This is an
insurance program, certain restrictions and exclusions
apply. |
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| F |
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| Floor Limit: |
| A specific dollar limit used
to determine which Visa card transactions you must authorize.
If your business has a floor limit $1,000—you must
get authorization for any transaction over that amount.
Notice: All airline, telephone, and mail order transactions
must be authorized, even if the amount is under your floor
limit. |
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| I |
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| Imprint: |
| This is a physical impression
you make from a customer's card which appears on the draft.
This proves that the card was present when the sale was
made. |
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| Incubators: |
| These are organizations that
offer entrepreneurs a variety of resources, including
mentoring, financing advice, technological training, business
space, and research facilities. |
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| L |
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| Leverage: |
| A term for when you leverage
your business by intentionally taking on debt(s) to expand
the size or scope of your company. |
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| Lien: |
| This is the legal right to
hold onto a piece of intangible property that secures
someone's debt on personal or real property. If the person
or company owing the debt defaults, the property can be
taken or sold. |
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| Line of Credit: |
| This is a financial institution's
commitment to lend your business up to a certain amount
of money during a specified period. For example, your
financial institution might extend you a $100,000 line
of credit during the first quarter of 2004. |
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| M |
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| Merchant Identification
Number: |
| This is the number a financial
institution assigns to a merchant to identify your business.
It is unqiue to each merchant like the social security
number is to each person born within the United States. |
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| MO/TO: |
| Short for mail order (MO) or
telephone order (TO). |
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| O |
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| Overhead: |
| Business expenses, such as property taxes,
utilities, and insurance, that are not directly connected
to the goods or services you produce. |
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| S |
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| Service Corps of Retired
Executives (SCORE): |
| Experienced experts from a
variety of fields, SCORE members can advise you, whatever
your business, on anything from advertising to pricing
to cold calling, and more. |
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| Small Business Administration
(SBA): |
| A government agency committed
to helping entrepreneurs become successful through programs
ranging from counseling to financing. |
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| Sole Proprietorship: |
| A business in which you have
complete control and responsibility. |
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| V |
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| Venture Capital: |
| Money to invest in new enterprises. |
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| Or, request a free
price quote and estimate. |
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