Intro to our Industry

What is the role of an Acquiring Bank in credit card processing?

• Distributing rewards to cardholders

• Providing loans to merchants

• Processing card transactions and distributing funds to merchants

• Setting interchange fees

How many basis points are there in a single percentage point?

• 10

• 50

• 100

• 200

Which of the following is NOT a card association?

• VISA

• Mastercard

• Discover

• Chase

What is the primary reason for a chargeback?

• Cardholder receives goods or services as promised

• Expired authorization

• Merchant refund issued

• Cardholder authorizes the purchase

What does ISO stand for in the context of credit card processing?

• Integrated Service Organization

• International Sales Organization

• Independent Sales Organization

• Internal Security Organization

What is the main purpose of the PCI DSS?

• Setting interchange fees

• Enhancing payment account data security

• Providing loans to merchants

• Issuing credit cards

Which of the following is a type of credit card processing system used for phone orders or non-face-to-face transactions?

• Credit Card Terminal

• Point-of-Sale System

• Virtual Terminal / Gateway

• E-commerce Store

What type of card requires a signature for transactions?

• Debit Card

• ATM Card

• Stored Value Card

• Corporate Card

Which type of merchant account is associated with the lowest chargeback risk?

• MOTO (Mail Order / Telephone Order)

• Retail Account

• E-commerce Account

• Corporate Account

What technology is used in EMV/Smart Cards for secure credit card transactions?

• Magnetic stripe

• Chip technology

• Barcode

• RFID