E-Commerce words Glossary

M

Mall

A group of businesses, usually retail, that have individual managements, but are also managed under one administrator. Online malls are virtual malls, and may consist of one business under individual management. ecPlace is an example of an online mall.

Manual Entry

The entering of credit card information via computer keyboard or terminal keypad instead of swiping the card through a credit card reader terminal. ecOrderDesk support the act of manually entering a customers credit card information for processing directly against a payment gateway.

MasterCard

An association of banks that governs the issuing and acquiring of MasterCard transactions.

Merchant

Any business that agrees to accept credit cards and debit cards in exchange for goods or services. In terms of Internet Commerce, a merchant is any Web site that is selling physical goods, services, or digital content to consumers or other businesses.

Merchant Account

A written, commercial bank account established by contractual agreement between a merchant/business and a bank and/or a payment gateway. The agreement contains the respective rights, warranties, and duties with respect to accepting bankcards like Visa or MasterCard. You must apply for this account directly from your bank, or from the Payment Processor.

Merchant ID

A unique set of numbers or letters and numbers that is associated with a specific merchant. The merchant ID is typically tied to a system database record that contains all merchant specific information regarding that particular merchant. This is provided by the bank or the Payment Processor.

Merchant Service Agreement

A contract that outlines the terms for accepting and processing credit cards between an acquiring bank and/or payment gateway company, and the merchant.

Message

Information sent and received that communicates various parts of a transaction.

Micropayments

Payments, usually in very small amounts (< $3.00) for goods purchased over the Internet.

MO/TO

Refers to Mail Order / Telephone Order sales where the customer's card is not present at the time of transaction.

Money

A means of payment or a measure of value.