Acquirer Acquirers provide card acceptance services to merchants through their membership of the relevant card networks. This involves processing transactions on behalf of merchants and often includes providing merchants with a point-of-sale terminal that allows merchants to accept card payments. Acquirers can provide card acceptance services both in store and online through a payment gateway. ANZ Worldline is an acquirer.

Australian Competition and Consumer Commission (ACCC) 
The ACCC is an independent Commonwealth statutory authority that promotes competition, fair trading, and product safety for the benefit of consumers, businesses and the Australian community. 

Cap A cap in relation to interchange fees refers to the RBA’s regulation that effectively prevents card networks from setting interchange fee rates on a per-transaction basis above the level of the cap. This sets a maximum fee for each individual interchange fee category.

Card networks and card schemes 
The card networks, for example Visa, eftpos and Mastercard, facilitate electronic payments being made by debit, prepaid and credit cards by cardholders at businesses that accept card payments through their payment service provider, like ANZ Worldline. The RBA regulates payment systems including the eftpos, Mastercard and Visa card networks. Card schemes is another term used for card networks.

Interchange fee 
A fee paid by the merchant’s acquiring bank to the customer's issuing bank (the bank that gave the customer their card).

Integration A payment integration is the technical connection between your software (such as an eCommerce platform, point-of-sale system or website) and a payment processor. 

Merchant Card Payment Costs and Surcharging regulations 
The policies and requirements detailing how payment systems, including the eftpos, Mastercard and Visa card networks, operate in Australia. The latest can be found here <link: https://www.rba.gov.au/payments-and-infrastructure/payments-system-regulation/regulations.html>. 

Reserve Bank of Australia (RBA) 
The RBA has powers under the Payment Systems (Regulation) Act 1998 (Cth) to regulate payment systems and payment system participants in the public interest. The Payments System Board sets the RBA’s payments system policy and the RBA implements these policies through its ability to designate payment systems, set standards and impose access regimes.

Scheme fee 
Operational fees charged directly by the card networks (e.g., Visa, Mastercard, or eftpos) to your acquirer.

Surcharge 
In the context of payments, the Reserve Bank of Australia defines surcharging as: “an extra fee charged by a merchant to a consumer for using a particular card to pay for a transaction.”

Virtual terminal 
You’re using the virtual terminal to process transactions when logged into the merchant portal. These transactions can also be called MOTO and card not present.