Terms to Know

Bank Identification Number (BIN)

The first six digits of a credit or debit account number.  This number is used to identify the card-issuing institution.

Batch Settlement

The closing (settlement) of all credit-card transactions (batch) for a business day, or other designated time period.  Merchants may perform this closeout manually, or the merchant account will be set up to automatically settle a batch of transactions before funds are cleared.  See Clearing also.