Abbreviations
B.E.
Billing Entity
The 3-digit security code on a credit card. Also referenced as CVC2.
Card Verification Code
ERA
AKA: 835
Definition: Electronic Remittance Advice.
Virtual Payment - the name our company was formerly known as well as what our virtual cards were known by.
VPay
Wrap-Up
Thirty (30) seconds added to the end of each call to allow time to complete call entry. You can end the wrap up by clicking into a Ready state. If 30 seconds is not long enough to complete the notation of the call, you will then go into ACW.
DOB
Date of Birth
The terms of service we must provide each client as outlined in the contractual agreement.
Term: SLA
Aka: Service Level Agreement
HRA
AKA: Health Reimbursement Accounts
Definition: Health Reimbursement Accounts or Health Reimbursement Arrangements (HRAs) are US Internal Revenue Service (IRS)- sanctioned employer-funded, tax-advantaged employer health benefit plans that reimburse employees for out-of-pocket medical expenses and individual health insurance premiums program, but a financial reimbursement plan funded entirely by your employer.
When a merchant sends their completed transactions for the day to their acquiring bank for payment.
Batch Terminal
AKA: Settling a terminal
White List
List of SIC codes associated with the medical industry used to determine eligibility for payment.
EFT
Electronic Funds transfer
Definition: Electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
Company or health care provider that bills individual customers or subscribers (subgroups of TPAs).
Billing Entity
Client
Aka: TPA
Definition: Company for whom we issue payments.
The record of the call in to the Support Center with the caller's contact info and purpose of call
Case
VPay
Virtual Payment - the name our company was formerly known as well as what our virtual cards were known by.
EOB
Electronic Explanation of Benefits
Definition: abbreviation for explanation of benefits: a document sent by a health insurance company to a customer, listing medical treatments and services that were paid for that customer
Definition: Identification number assigned to a business by the IRS. When speaking to a caller, refer to as ___________
TIN
Aka: Tax ID Number
Default
Aka: OVL Master Record
Definition: In Preferences, the "default" is the master record for how providers will receive payments for all Clients, including the billing phone and secure fax numbers.
Process of identifying customer's funds that are considered abandoned and remitting the funds to the appropriate state if the customer cannot be contacted to re-activate the account.
Escheatment
Aka: Escheat
VPay360
Aka: 360 Transactions
Definition: Internal database which houses all our transactions.
CVC
Card Verification Code
The most common type of FSA is used to pay for medical and dental expenses not paid for by insurance, usually deductibles, copayments, and coinsurance for the employee's health plan. Patient funds, not insurance funds.
H S A
AKA: Health Savings Account
FSA
AKA: Flexible Spending Account
Definition: The most common type of FSA is used to pay for medical and dental expenses not paid for by insurance, usually deductibles, copayments, and coinsurance for the employee's health plan. Patient funds, not insurance funds.
Card swipe or online system for processing card payments.
Merchant Terminal
Difference between EFT and ACH
Definition: EFT and ACH are both electronic methods of payment, but ACH is a specific type of EFT. EFT stands for Electronic Fund Transfer, while ACH stands for Automated Clearing House. EFT means to transfer money from one account to another instantly, while ACH means to settle all the transactions of two bank accounts electronically. ACH payments are sent in batches, while some EFT transactions are individual, which can incur higher fees.