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
Find out what is a 3DS payment gateway and how does it work.
A
Abandonments
Shopping cart abandonment is when a customer puts a product into a shopping cart but does not place an order.
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 identification number (BIN)
A bank identification number or BIN is a 6-digit number that identifies the card issuer within the payment system during authorisation and processing.
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
Integrating a crypto payment gateway into a payment system is of utmost importance for merchants looking to expand globally.
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.
Business identifier code
Business identifier code or BIC is essential while making cross-border payments.
C
Casino payment methods
Find out what are the most popular casino payment methods and how to choose the best ones.
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.
Co-branded card
A co-branded card is a credit or debit card that a retailer issues in partnership with a card network or financial institution. Check out some examples and market stats.
Crypto payment processing
Find out what is a crypto payment gateway and how are cryptocurrency payments processed.
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-billing
E-billing or electronic billing is a paperless and automated invoicing and billing process that requires minimum time and manual input.
E-commerce payment processing
E-commerce payment processing is a must for all companies or stores that sell their products or services online.
EDI payments
In the payment world, EDI can be used to create and exchange purchase orders, invoices, bills, and other payment information paperlessly.
Electronic funds transfer (EFT)
Electronic funds transfer (EFT) is the process of transferring money electronically from one bank account to another.
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.
H
High-risk business
A high risk business is one that carries more financial or reputational risks to payment intermediaries than a low-risk business.
I
International payment gateway
Explore how international payment gateways function and their key features for global commerce. Learn to choose the right gateway for your business needs with Corefy
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.
K
KYC
KYC is the verification of clients' data, usually by financial institutions in order to protect them against fraud, corruption, money laundering, etc.
M
Mastercard SecureCode
Mastercard SecureCode is an authentication service that protects bank cards from unauthorised withdrawals during online purchases with a unique security code.
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.
Merchant bank
A merchant bank is a financial institution primarily focusing on international trade transactions.
Merchant identification number (MID)
A merchant identification number, also known as MID, is a unique set of characters that identifies the business to a payment processing system.
Mobile payment
Mobile payment is a transaction made using a portable device — a mobile phone or tablet. There are plenty of technologies that make mobile payments possible.
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
Payee
A payee is an individual or organisation that receives payment in any form, including cash, checks, or wire transfers.
Payment acceptance
The term “payment acceptance” means the process of accepting payments online or offline, or the share of successful payments out of all attempted payments.
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
Discover the benefits of using one payment gateway for multiple merchant accounts. Learn how it simplifies financial management, enhances transaction monitoring, and supports diverse payment needs
Payment gateway for travel website
Let's find out what a merchant account and payment processing solutions for travel businesses should look like.
Payment gateway for website
Learn the essentials of choosing and setting up a payment gateway for your website to ensure secure and convenient payment processing
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.
Personal identification number (PIN)
A Personal Identification Number (PIN) is a secret password that allows access to important user information.
Phishing
Phishing or phishing attack is an illegal act to find out personal information (bank card number, password, etc.) for further misuse.
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.
Primary account number (PAN)
Primary account number is the unique numeric identifier of a payment card that is embossed or laser-printed on it.
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
Let's find out what a SaaS payment processing looks like and what a SaaS payment gateway is.
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
Dive into the world of secure payment gateways with Corefy's comprehensive glossary. Learn how they safeguard your transactions and why they are essential for your business.
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 online payment processing is when the data and money of a customer and a merchant are protected based on specific standards, regulations, and measures.
SEPA
SEPA was created to unify and harmonise domestic and cross-border funds transfers in European countries.
Small business payment system
Payment system for small business is an online payment solution that allow business owners to accept, process and manage payments from their customers.
Software as a service
SaaS is a model of software delivery where a company provides access to software applications over the internet.
SWIFT code
Using the SWIFT code, you can make international payments for education, medical treatment or holidays abroad. It is also beneficial to transfer money to individuals outside the country.
V
Void transaction
A void transaction is one that a vendor or a merchant cancels before it is processed and the funds are debited.
W
White-label payment processing
White label payment gateway solutions represent ready-made gateway systems you can customise to provide payment processing services under your brand.
Withdrawal
A withdrawal is a process of removing funds from a bank account without the intention of returning them.