Business Entity

A business entity is an organization created by an individual or individuals to conduct business. There are various types of business entities—sole proprietorship, partnership, LLC, corporation.

ACH Payments

ACH, or Automated Clearing House, is an electronic funds transfer, also known as direct pay or electronic check. It will allow your clients to pay you directly from their bank account, instead of using a credit card. 

The average amount transacted in a calendar year or 12 months

Average Transaction Amount

The average transaction value is calculated by dividing the total value of all transactions by the number of transactions or sales. This can be calculated on a daily, monthly or annual basis. 

A Merchant Category Code (MCC) is a four-digit number listed in ISO 18245 for retail financial services. An MCC is used to classify a business by the types of goods or services it provides.

Convenience fee

Convenience fees are for brick & mortar merchants who choose to charge their customer's a fee for the convenience to pay for goods and services with an alternate payment channel. 

Corporation

A corporation is a form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors.

Government Organization

A government organization is established and recognized by the U.S. Constitution and state constitutions.

LLC

A limited liability company (LLC) is a business structure in the United States whereby the owners are not personally liable for the company's debts or liabilities.

Non-profit

A non-profit business entity, either incorporated or not incorporated, have the following characteristics that distinguish it from a business enterprise: contributions from donors who do not expect profit. operating purposes other than to provide goods or services at a profit.

Partnership

A partnership is the relationship between two or more people to do trade or business. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business.

Public Business

A public company is a business whose shares can be freely traded on a stock exchange or over-the-counter. Sole proprietors are automatically considered private and government and non-profit entities are considered public. 

Sole proprietor

A sole proprietor is someone who owns an unincorporated business by himself or herself.

Tax ID number

A business tax ID number, also referred to as an Employer Identification Number (EIN), is a unique nine-digit number used to identify the tax account of a business entity. An EIN works much like a Social Security number and is offered through the Internal Revenue Service

Tax identity name