Merchant Services Glossary - Letter F
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- Factoring
- The coercion or bribery of a legitimate merchant to process another merchant’s transactions (often fraudulent) in return for payment.
- FALA
- Acronym or abbreviation for First Alabama Bank. Their phone number is 800-624-7766.
- FFB
- Acronym or abbreviation for First Fidelity Bank, also known as First Union North.
- FI
- Financial Institution-Used as part of the TID. Also indicates what relationship the merchant falls under. Example: 127 indicates the merchant is under the Bank Of The West relationship group.
- Fictitious Account Number
- A "made-up" cardholder account number (used for fraudulent purposes) that does not exist and has never existed.
- Finance Charge
- The fee assessed by the issuer on a cardholder’s rollover credit balance to cover the cost of providing the credit card loan.
- Financial Institution
- Any organization in the business of moving, investing or lending money, dealing in financial instruments or providing financial services. Includes commercial banks, thrifts, federal and state savings banks, savings and loan associations and credit unions. Refers to any bank, credit unions or other entity that distribute cash.
- Float
- The period of time between the purchase and the billing for goods or services.
- Floor Limit
- A dollar amount set by the acquirer in accordance with MasterCard and Visa rules and regulations. The merchant must obtain authorization for any transaction over the floor limit.
- Folio Number
- Usually a room number.
- Force
- Function performed at a POS device that allows the merchant to enter a transaction if unable to process under the regular sale key. Also referred to as an Off-line Sale and Post Auth.
- Foreign Network
- Reference used to refer to another processor network. Example: VisaNet , Mapp, etc.
- Formset
- A carbon set of two or more copies used by the merchant as a sales draft for bankcard transactions.
- FTB
- First Tennessee Bank.
- Fulfillment
- The acquirer’s response to an issuer’s retrieval request for a sales draft. The acquirer supplies the issuer with the original draft or a clear reproduction. The fulfillment record confirms the response and initiates reimbursement to the acquirer for fulfilling the request.
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