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Glossary

This glossary contains general terms used in the payment industry and should help you demystify the world of payments.

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2
2D payment gateway
The abbreviation 2DS stands for 2 Dimension Secure, a type of payment gateway that processes transactions without additional authentication.
3
3DS payment gateway
3DS or Three-Domain Secure represents a user authorisation protocol for card-not-present operations. It provides an additional layer of security for e-commerce transactions.
A
Acquirer
The acquiring bank or acquirer is a financial institution that enables merchants to accept online payments by opening merchant accounts for them.
Affiliate payment processing
Affiliate payment processing is the fuel that drives affiliate marketing. Without the ability to make payments to affiliates, merchants won’t be able to benefit from this powerful business growth channel.
API
API, or application programming interface, is one of the essential technical terms in programming. It signifies a documented interface that allows applications to exchange information and use each other`s data or functionality to work.
Automatic payments
Automatic payments are payments that are automatically debited from the payer’s bank account on a certain date/period for a specified amount.
B
Bank payment processing
Bank payment processing greatly simplifies paying for purchases online. Transaction processing occurs almost instantly, which is convenient for both the business and the client.
Betting payment processing
With sports betting now a digital business, online transactions became a must for merchants. Unsurprisingly, a reliable betting payment processing solution is required to handle large transaction flows from customers worldwide.
Bitcoin as a payment method
Many companies that have already implemented Bitcoin as a payment method liked the safety of online payments, the absence of fraud and chargebacks, as well as low transaction fees.
Bitcoin payment gateway
Changing customer preferences have forced merchants to expand payment options on their websites and integrate a Bitcoin payment gateway to accept this cryptocurrency seamlessly.
Blockchain in payment processing
The use of blockchain in payment processing helps to mitigate operational risks during payments processing due to a distributed ledger-based accounting system.
C
Casino payment methods
Due to their convenience, credit and debit cards are one of the most common casino payment methods, but there are many others.
Chargeback
Chargeback is a procedure for debiting the amount of an authorised payment from a merchant upon the request of the customer's issuing bank.
Checkout
In online shopping, checkout is a page, or a set of pages customers see as they proceed to the purchase.
Crypto payment processing
Crypto processor is a service that allows merchants to accept payments in crypto currencies. It acts as an intermediary and carries out 6 main functions.
CVC/CVV
CVC or Сard Validation Code and CVV or Card Verification Value are 3-digit security authentication numbers printed on the back of payment cards.
E
E-commerce payment processing
E-commerce payment processing is a must for all companies or stores that sell their products or services online.
F
Freelancer payment methods
Freelancers cooperate with a number of customers – individual entrepreneurs, self-employed people, and legal entities. This implies certain challenges in payments and this is what freelancer payment methods are for.
I
International payment gateway
An international payment gateway is a technical solution that allows for authorising international card payments.
Issuer
An issuing bank, or an issuer, is a financial institution that provides debit/credit cards to customers on behalf of card networks — Visa, Mastercard, American Express etc.
M
Merchant account
A merchant account is a type of business bank account intended to accept electronic payments from customers.
Merchant account payment processing
The concept of a merchant account is all about online payments processing. The process of opening it involves the registration of an account for a legal entity in a banking institution to accept payments from Mastercard, Visa, and other payment systems.
Mobile payment methods
Mobile payments are all financial transactions made with smartphones, tablets, or other internet-enabled devices via apps, browser, or physical card readers.
Mobile wallet
A mobile wallet is a solution that enables its users to pay and accept payments with the help of a mobile phone without using cash or a bank account.
N
Near-field communication
NFC or near-field communication is a technology that enables the exchange of digital content, making payments, and connecting digital devices via touching or just nearing one another.
P
Payment aggregator
A payment aggregator is a payment service model when a third-party PSP opens a master merchant account and uses it to process their clients transactions.
Payment facilitator
A payment facilitator (PayFac) is a payment service model that involves opening a master merchant account in an acquiring bank and registering clients as sub-merchants.
Payment gateway for multiple merchant accounts
A payment gateway for multiple merchant accounts is software allowing you to connect more than one merchant accounts you have at different service providers.
Payment gateway for travel website
Being able to accept online payments is crucial for travel businesses, and payment gateways make it possible.
Payment gateway for website
A payment gateway for a website is a special technical solution that enables the website owner to accept online transactions from customers.
Payment methods
Payment methods are different ways in which purchasers pay, and merchants accept payments for the products and services.
Payment page
The payment page is a web page designed to enable the purchasing process on your site. It is where customers enter their payment details to make a purchase.
Payment processor
A payment processor is a mediator between a merchant and financial institutions, which is responsible for the entire transaction process.
Payout
Payout or pay-out represents an act of paying out the funds to a recipient.
PCI DSS
PCI DSS is a document developed in 2005 by the Payment Card Industry Security Standards Council to ensure the security of card payments.
POS system
The POS abbreviation stands for point of sale, and the POS system is a set of hardware and software components that enable merchants to accept payments.
R
Recurring billing
Recurring billing is repeated or regular payments carried out within a particular schedule. This payment scenario doesn’t require re-entering payment data.
S
SaaS payment gateway
Any problems with payments can lead to financial losses, and more importantly, customers’ refusal of the product. That’s what a SaaS gateway is for.
SaaS payment processing
The way customers pay for the SaaS solutions, or billing process, can be referred to as SaaS payment processing.
Secure payment gateway
A payment gateway accompanies each transaction from start to finish, ensuring the protection of confidential card data and reducing the risk of breaches and fraudulent interventions.
Secure payment methods
Each payment involves at least two parties – a payer and a payee, and each is concerned about the security of their funds and all the data used while paying.
Secure payment processing
Secure payment processing is when the data and money of all parties involved in the transaction processing are protected based on specific standards, regulations, and measures.
Small business payment processing
Payment processing for small businesses represents a set of tools and services that allow business owners to accept, process and manage different types of payments from their customers.
W
White label payment processing
White label payment processing allows for having a personal electronic payment system that combines payment processing under your brand and internal customer accounts.