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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