The process by which a merchant agrees to accept specific payment methods, including credit cards, debit cards, and digital wallets. This requires compliance with card network regulations and payment processor requirements.
A service that updates stored card information when a card is reissued due to expiration, loss, or theft, ensuring seamless recurring payments.
A financial institution that processes credit and debit card transactions for merchants, facilitating fund transfers from cardholders to businesses.
A unique identifier assigned to card transactions, allowing merchants and cardholders to track payment processing and dispute resolutions. This number links the transaction between the acquiring and issuing banks.
A fraud prevention tool that compares the billing address provided by a cardholder with the records of the issuing bank. AVS helps reduce fraudulent transactions, especially in card-not-present (CNP) environments.
A payment service provider that allows multiple merchants to process transactions through a single merchant account. This model simplifies onboarding for small businesses and startups, reducing administrative overhead.
Any non-traditional payment method that differs from credit and debit cards, such as e-wallets, bank transfers, and buy now, pay later (BNPL) options. APMs enhance customer convenience and expand market reach.
A set of regulations and practices designed to prevent financial crimes, including money laundering and terrorist financing. Financial institutions must comply with AML policies by verifying customer identities and monitoring transactions.
A set of protocols that allows different software applications to communicate and integrate payment functionalities. APIs enable merchants to customize payment flows and connect with various financial services.
The final stage in a chargeback dispute process where the card network reviews evidence from both the merchant and the issuing bank. The network makes a binding decision on transaction liability.
A fee charged by payment processors for verifying cardholder details and obtaining transaction approval from the issuing bank. This fee is incurred even if the transaction is not completed.
A network used for processing electronic payments and direct deposits in the U.S. ACH transfers are commonly used for payroll, recurring payments, and bill settlements.
A payment processing method where multiple transactions are grouped and processed at a scheduled time rather than individually in real time. This method reduces processing costs and improves efficiency.
A pricing strategy where merchants pay a fixed rate for all transactions, regardless of card type or interchange fees. This simplifies cost calculations but may result in higher fees compared to interchange-plus pricing.
A financing option that allows consumers to split purchases into multiple payments over time. BNPL services are integrated into e-commerce checkouts and often charge merchants transaction fees.
A limit imposed on a merchant’s processing volume to mitigate risk exposure. Exceeding the cap may result in transaction declines or additional underwriting review.
A stored payment credential that allows merchants to charge a customer’s card without requiring manual entry. This is widely used for subscriptions, one-click purchases, and recurring payments.
A security mechanism that authenticates a cardholder during a transaction, including PIN entry, signature verification, or biometric authentication. The method used depends on card network and transaction type.
A secure system that facilitates the authorization and processing of online transactions between merchants, banks, and card networks. It encrypts payment data and ensures compliance with financial regulations.
The financial institution or bank that provides payment cards to consumers and authorizes transactions on their behalf. Issuers assess cardholder risk, manage account balances, and enforce security protocols for fraud prevention.
Payments where card details are manually entered rather than swiped, dipped, or tapped at a terminal. Keyed transactions are common in e-commerce, phone orders, and remote billing but carry higher fraud risks due to lack of physical card verification.
A compliance requirement where financial institutions verify the legitimacy of business entities before allowing them to process payments. KYB checks include business registration, ownership structure, and transaction history analysis.
A regulatory process that requires financial service providers to authenticate customer identities, assess risk profiles, and prevent fraudulent activities. KYC verification involves identity documentation, address confirmation, and financial behavior analysis.
A business or individual that accepts electronic payments for goods or services through credit cards, debit cards, or alternative payment methods. Merchants rely on acquiring banks or payment service providers to process transactions securely.
A financial innovation that allows third-party providers to access banking data through secure APIs. Open banking enables new payment services, account aggregation, and financial transparency while maintaining strong security measures.
A model where a primary payment provider processes transactions on behalf of multiple sub-merchants under a single merchant account. This setup simplifies onboarding but requires strict risk monitoring and compliance measures.
A global security framework that mandates how businesses handle, process, and store cardholder data. Compliance with PCI-DSS is required for merchants and payment service providers to protect against data breaches and fraud.
An independent organization responsible for developing and maintaining security standards for the payment industry. PCI SSC oversees PCI-DSS compliance and provides guidelines to enhance transaction security.
A service provider that enables sub-merchants to accept payments without requiring a direct acquiring bank relationship. PayFacs streamline merchant onboarding, manage risk, and handle compliance requirements.
A financial service under open banking regulations that allows third-party providers to initiate payments directly from a customer’s bank account. PIS reduces reliance on traditional card networks, offering faster and more cost-effective transactions.
A company that handles the technical aspects of transaction processing between merchants, acquiring banks, and card networks. Payment processors ensure secure payment authorization, settlement, and fraud prevention.
A European regulation that standardizes payment services, enhances competition, and strengthens consumer protection in the financial sector. The directive encourages innovation, including open banking and instant payments.
A third-party company that offers businesses the ability to accept multiple payment methods, including cards, bank transfers, and digital wallets. PSPs provide payment gateway integration, fraud management, and compliance support.
Adherence to the Payment Card Industry Data Security Standards (PCI-DSS) to ensure secure handling of cardholder data. Non-compliance can result in fines, security breaches, and reputational damage.
A security measure that encrypts payment card data from the point of entry to the final destination, preventing unauthorized access. P2PE solutions help merchants meet PCI-DSS compliance and reduce fraud risks.
The unique numeric identifier on a payment card used for transaction processing. PANs must be encrypted or tokenized to prevent fraud and ensure compliance with payment security standards.
The process of matching and verifying payment transactions with financial records to ensure accuracy in accounting. Merchants and financial institutions perform reconciliation regularly to identify discrepancies and prevent fraud.
Automated transactions scheduled at regular intervals, commonly used for subscription services and membership fees. Recurring payments help businesses maintain consistent cash flow and improve customer retention.
A European regulation aimed at enhancing security, transparency, and competition in the payment industry. PSD2 introduced Strong Customer Authentication (SCA) and enabled open banking by allowing third-party financial service providers access to consumer banking data via APIs.
A standardized payment method that allows businesses to collect payments directly from customers’ bank accounts within the Single Euro Payments Area (SEPA). SDD enables seamless cross-border euro transactions for recurring payments and bill collections.
A reversal of a SEPA Direct Debit transaction initiated by the payer’s bank due to insufficient funds, fraud, or a disputed payment. Merchants must address returned payments promptly to avoid disruptions in recurring billing.
A European initiative that simplifies cross-border euro transactions by standardizing payment processes. SEPA enables seamless bank transfers, direct debits, and card payments within participating countries.
A charge imposed by payment processors or acquiring banks for handling a transaction. Fees vary based on payment method, merchant category, and pricing model (e.g., flat-rate or interchange-plus pricing).
The individual who ultimately owns or controls a business entity, regardless of official ownership structure. Identifying UBOs is a key component of anti-money laundering (AML) compliance.
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