Abandonments
Shopping cart abandonment is when a customer puts a product into a shopping cart but does not place an order.
Acceptance rate
Acceptance rate is the percentage of payment attempts successfully accepted after authorisation, risk checks, authentication, and technical processing.
ACH payment
An ACH payment is an electronic bank transfer processed through the Automated Clearing House network in the United States.
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.
Alternative payment method (APM)
An alternative payment method is any payment method that does not rely on traditional card payments. Learn what APMs are and why businesses offer them.
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.
Authorization rate
Authorization rate is the percentage of payment attempts approved by issuers or payment providers out of all submitted authorization requests.
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.
B2B payment processing
B2B payment processing refers to how a business that works with other businesses handles its transactions. Let’s divide the term into two parts.
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
Sports betting payments refer to the methods and systems that enable secure deposits, withdrawals, and fraud protection in online betting platforms.
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.
Buy now pay later (BNPL)
Buy now, pay later is a payment method that allows customers to make purchases immediately and pay for them over time in installments or through deferred payments.
Card network
A card network is an organisation that operates the rules and infrastructure for card payments.
Card vault
A card vault is a secure system for storing payment card information and generating tokens for future transactions, without exposing sensitive card data.
Casino payment methods
Find out what are the most popular casino payment methods and how to choose the best ones.
Chargeback
A chargeback is a card payment dispute where funds may be returned to the cardholder. Learn why chargebacks happen, how they work, and how merchants can reduce them.
Checkout
In online shopping, checkout is a page, or a set of pages customers see as they proceed to the purchase.
Co-branded card
Co-branded credit cards are financial products created by banks and partner brands, designed to provide special rewards, loyalty points, and exclusive offers.
Crypto payment processing
Cryptocurrency payment processing lets businesses accept crypto payments and settle in crypto or fiat. Learn how crypto payment gateways work, their benefits, risks, and key features.
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-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
EDI payments use Electronic Data Interchange to exchange payment-related documents such as invoices, purchase orders, and remittance data in a standardised digital format.
Electronic funds transfer (EFT)
Electronic funds transfer (EFT) is the process of transferring money electronically from one bank account to another.
Embedded payments
Embedded payments let platforms, marketplaces, and software products integrate payment acceptance directly into their user experience.
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.
Merchant of record
A merchant of record is the legal seller responsible for processing payments, collecting funds, handling taxes, refunds, disputes, and compliance.
Merchant underwriting
Merchant underwriting is the process that payment providers use to assess a business before approving it to accept payments.
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.
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 lets merchants accept payments through a third-party payment provider without setting up a direct merchant account with an acquiring bank.
Payment conversion rate
Payment conversion rate is the percentage of payment attempts that turn into successful completed payments.
Payment dispute
A payment dispute is when a customer challenges a payment and requests a review or reversal of the transaction through their bank, issuer, or payment provider.
Payment facilitator
A payment facilitator, or PayFac, helps merchants accept payments as sub-merchants under a managed acquiring setup. Learn how the PayFac model works and who uses it.
Payment gateway for multiple merchant accounts
Multiple payment gateway integration enables merchants to process transactions through various providers, thereby improving conversion rates and enhancing payment acceptance globally.
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 infrastructure
Payment infrastructure is the technical and operational foundation that helps businesses accept, process, route, settle, and manage payments.
Payment methods
Payment methods are the ways customers pay and merchants receive payments. Learn about cards, wallets, bank transfers, APMs, and how to choose the right payment mix.
Payment operations
Payment operations are the processes and workflows businesses use to monitor, manage, troubleshoot, and optimise payments.
Payment orchestration
Payment orchestration is the process of managing payment providers, methods, routing, and transaction flows through one infrastructure layer.
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.
Payment reconciliation
Payment reconciliation is the process of matching transaction records with provider reports, settlements, and bank statements to confirm payment accuracy.
Payment reversal
A payment reversal is the cancellation or return of a payment transaction before funds are permanently settled or transferred to the intended recipient.
Payment routing
Payment routing is the process of directing transactions to the most suitable payment provider, acquirer, or payment method based on predefined rules.
Payment service provider (PSP)
A payment service provider, or PSP, helps businesses accept and manage payments through cards, wallets, bank transfers, and other payment methods.
Payment Services Directive (PSD)
The Payment Services Directive is a European regulatory framework that governs payment services and payment providers.
Payment stack
A payment stack is the set of tools, providers, systems, and workflows a business uses to accept, process, manage, and reconcile payments.
Payout
Payout or pay-out represents an act of paying out the funds to a recipient.
PCI DSS
PCI DSS is a global security standard for protecting cardholder data. Learn who needs to comply, what the main requirements are, and how PCI DSS affects payment processing.
Personal identification number (PIN)
Personal Identification Number (PIN) refers to a numeric password that ensures secure access to accounts, cards, and digital platforms.
Phishing
Phishing or phishing attack is an illegal act to find out personal information (bank card number, password, etc.) for further misuse.
Primary account number (PAN)
Primary account number is the unique numeric identifier of a payment card that is embossed or laser-printed on it.
Processing fees
Processing fees are the charges businesses pay to accept and process payments.
Push-to-card
Push-to-card is a payment method that allows funds to be sent directly to an eligible payment card, enabling faster payouts and fund transfers.
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.
Settlement
Payment settlement is the process of transferring approved payment funds from the payer’s side to the merchant or payee after processing.
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.
Stablecoin
Stablecoin is a cryptocurrency designed to maintain a stable value by being linked to fiat currencies, commodities, or other financial instruments.
Strong Customer Authentication (SCA)
Strong Customer Authentication is a European regulatory requirement that uses multi-factor authentication to verify a payer's identity and reduce payment fraud.
Sub-merchant
A sub-merchant is a business that accepts payments through a payment facilitator or platform instead of maintaining its own direct acquiring relationship.
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.
