Merchant Services Terms Beginning with F

Face-to-Face: Face-to-face credit card transactions occur when the card holder is present at a retail establishment and uses his credit card to complete a purchase.

Factoring: Factoring is a process where businesses sell their receivables, that is, the money owed to them by other businesses, to a third party at a discount.

Federal Tax ID Number for businesses are known as Employer Identification Numbers (EIN), and are issued by the Internal Revenue Service to identify particular business entities for tax purposes.

First Data Corporation (FDC) is the largest company in the world whose sole function is to process electronic transaction data. For many of the world’s largest corporations, your local merchants and even individuals, First Data is the gateway company that securely processes all of their electronic transactions.

Full Business Name – A firm’s full business name is the name that was entered onto the registration certificate it filed with the proper federal and state government agencies, as well as the IRS.