Merchant account

merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. Continue reading “Merchant account”

Money transmitter

In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments.[1] Money Transmitters in the US are part of a larger group of entities called money service businesses or MSBs.[2] Under federal law, 18 USC § 1960, businesses are required to register for a Money Transmitter license where their activity falls within the state definition of a money transmitter.[3] Continue reading “Money transmitter”

Mefo bills

Mefo bill (sometimes written as MEFO bill), named after the company Metallurgische Forschungsgesellschaft (Metallurgical Research Corporation), was a promissory note used for a system of deferred payment to finance the German rearmament, devised by the German Central Bank President, Hjalmar Schacht, in 1934. Continue reading “Mefo bills”

Hundi

Hundi or Hundee (Hindi: हुँडी, Urdu: ہنڈی) is a financial instrument that developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the Hundi as “an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order.”[1] Continue reading “Hundi”

Honesty box

An honesty box is a method of charging for a service such as admission or car parking, or for a product such as home-grown produce and flowers, which relies upon each visitor paying at a box using the honour system. Tickets are not issued and such sites are usually unattended. When used in camping sites and other park settings, they are sometimes referred to as an iron ranger as there is often an iron cash box instead of an actual park ranger.[1] Some stores also use them for selling newspapers to avoid queues at a Cash Register.[2] Continue reading “Honesty box”

MoneyGram

MoneyGram International Inc. is an American money transfer company based in the United States with headquarters in Dallas, Texas.[2] It has an operations center in St. Louis Park, Minnesota and regional and local offices around the world. MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products.[3] The company provides its service to individuals and businesses through a network of agents and financial institutions. Continue reading “MoneyGram”

Military payment certificate

Military payment certificates, or MPC, were a form of currency used to pay U.S. military personnel in certain foreign countries. They were used in one area or another from a few months after the end of World War II until a few months after the end of U.S. participation in the Vietnam War – from 1946 until 1973. MPC utilized layers of line lithography to create colorful banknotes that could be produced cheaply. Fifteen series of MPCs were created. However, only 13 series were issued. The remaining two were largely destroyed, although some examples remain.[1] Among the 13 released series a total of 94 notes are recognized. Continue reading “Military payment certificate”