What does MTOT mean on my bank statement?
Merchant Total Discount Fee
MTOT Disc is your Merchant Total Discount Fee. The charge is one that is levied by a variety of merchant account providers. It is essentially a processing fee. These fees can range, costing anywhere from a few bucks (sometimes as low as $40) to $150 annually.
What is the difference between BTOT and MTOT?
MTOT Disc Meaning BTOT and MTOT have become line items. With MTOT being the monthly total, BTOT is the bank total.
What is a BankCard charge?
MTOT stands for Merchant Total; DISC stands for the discount fee; and BankCard refers to your acceptance of credit and debit cards from your customers. In some cases, the customer hasn’t properly terminated an agreement with an account provider, who is still charging them on a monthly basis.
What bank is BankCard?
It was managed by the Bankcard Association of Australia, a joint venture of Australia’s largest banks, and was the nation’s first mass market credit card….Bankcard.
| Type | credit card |
|---|---|
| Available | No |
| Website | http://www.bankcard.com.au/ |
How does credit card batching work?
During batch processing, the merchant sends the authorization codes for every credit card transaction to its payment processor, and the processor categorizes the transactions by the bank that issued each customer’s credit card. Each of those banks then remits the payments to the merchant in a step called settlement.
What happens if you don’t pay charge card in full?
If you fail to pay the entire balance by the due date, the issuer may charge a late fee, which is often around $30–$40. Your card issuer may also take other actions on your account. For example, you may not be allowed to make additional purchases on the card until your past-due balance is paid off.
What happened to bankcard in Australia?
Australia’s first credit card is to pass into financial history. It has been announced that Bankcard credit cards will be progressively withdrawn from the Australian market over the course of this year. Current card holders will be offered alternative cards by their banks.
What is bankcard deposit?
A bank deposit card is linked to business accounts and allows for electronic deposits at all ATM machines. Each deposit card has its own pin and all deposits are recorded on your monthly statements. 2. Additionally, ATM cards have Visa/MasterCard logos that can be used for electronic purchases.
What does batched payment mean?
A batch payment is a group of payments made to a list of recipients from a single bank account. For batch payments, the money can be sent in different ways including: Bank transfers (ACH) Paypal or other financial institutions. Credit card and debit card payments (mainly for refunds)
Which transactions settled in batches?
What is a Batch? A batch is a group of transactions that have been processed but have yet to be settled. When a transaction is approved, it is added to your batch. When a batch hasn’t been settled yet, it is called an open batch, and transactions in the batch can still be voided and reversed if needed.
What does Mtot mean on a statement?
MTOT definition: (Adj) An abbreviation of ‘MERCHANT TOTAL,’ meaning ‘merchant account total batch.’ It is often seen on business checking account statements.
Is there a Mtot company or btot company?
There is no MTOT company or BTOT company. Like all industries, there are unscrupulous companies and reps out there. If you do not understand these charges or they are not matching your statements from the merchant services company, then investigate it. Make your rep or the company explain the variance.
What are Mtot and disc fees?
MTOT stands for Merchant Total; DISC stands for the discount fee; and BankCard refers to your acceptance of credit and debit cards from your customers. This charge is a generic one used by many different merchant account providers to describe your processing fees, whether the term is included in their company name or not.