Merchant Account Services

Merchant Services Glossary - Letter L

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LAN
Local Area Network
Late Settlement Fee
Fee paid to MasterCard or Visa by the member for late processing of settlement.
Line Of Credit
The amount of credit a lender will extend to a borrower over a specified period of time.
Lost/Stolen Card Reporting Service
An issuer-provided service where the cardholder registers card account numbers with the issuer who will notify the individual issuers if cards are lost or stolen. This type of service is often offered through a card registration company.

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