A specific variety of payment gateway services provider, credit card processors are companies that handle transactions that are made via plastic. Typically a third party, credit card processors are usually exclusive to credit-based purchase methods, although more firms are expanding their services to bring added options and convenience to customers.
Chargebacks serve as the solution by reversing a charge, in effect canceling out the transaction so consumers don't spend what they don't intend.
When customers are struggling financially and can't afford to buy certain necessities, WIC offers a helping hand. Created by the U.S. Department of Agriculture in 1974, the Women, Infant and Children's program (WIC) is funded by the federal government and provides eligible recipients with money to purchase various essentials.
To better protect credit or debit cards from being tampered with, CVV's provide an extra layer of protection that helps guard against fraud, particularly for purchases made online.
Whenever a customer uses his or her credit card, the merchant processing the card also makes a payment, in the form of fees, which are sent to the bank or credit card network that issued the card.
Cash may still be the chief form of currency U.S. consumers spend with, but cash use is declining, while electronic forms of payment are rising. Payment processors handle the latter by - as its title stipulates - processing purchases made electronically.
Online buying is another avenue through which businesses cater to customers, providing the services and technology that allow them to buy from wherever they are, so long as they're connected to the internet. But these transactions can't be recorded without a "gateway" wherein purchases are processed.
Pay-at-the-table (Pay-At-Table), a variety of line busting, is a POS system that prioritizes convenience for the customer. Widely used by restaurants, pay-at-the-table allows diners to conduct a transaction without ever leaving their table...
As its title suggests, an integrated point of sales system is one that combines several different transaction options into one unit or bundle.
A point of sale is a manner or place in which a financial transaction has occurred, where money is exchanged in return for a product or service.
Software-as-a-Service (SaaS) is a cloud-based software delivery system that enables online users to take advantage of a specific type of service remotely.
See below jargon for the point of sale industry.
- Acquiring Bank
- Address Verification Service (AVS)
- American Express
- Android Pay (see Google Pay)
- Apple Pay
- Authorization Code
- Average Ticket
- Card Issuer
- Card Present
- Card Not Present
- Credit Card
- Credit Card Fraud
- Credit Card Processing
- Credit Card Processors
- CVV (Card Verification Value Code)
- Debit Cards
- Debit Networks
- Discount Rate
- Discover Card
- Electronic Funds Transfer
- EMV (Europay, MasterCard and Visa)
- Gateway Fees
- Gift Cards
- Google Pay
- Google Wallet (see Googe Pay)
- Independent Sales Organization (ISO)
- Integrated Point of Sale (iPOS)
- Interchange Fee
- Issuing Bank
- Keyed Entry Merchant Accounts
- Loyalty Program
- Magnetic Stripe
- MasterCard Bin Range 2
- Merchant Account Provider
- Merchant Identification Number (MID)
- Mobile Payments
- Near Field Communications (NFC)
- Offline Transaction Processing
- PCI Validated Point-to-Point Encryption (P2PE)
- Point-to-Point Encryption (P2PE)
- Payment Gateway
- Payment Gateway Service Provider
- Payment Processor
- PIN Pads
- Point of Sale
- Purchase Cards (P Cards)
- Qualified Discount Rate
- SSL Certificate
- SAAS (Solutions-as-a-service)
- Standard Industry Code/Merchant Category Code (SIC/MCC Code)
- Terminal Identification Number (TID)
- Transaction Fee
Launched in September 2015, Android Pay is a mobile wallet that can store your credit cards, debit cards, loyalty cards, and more.
Credit card fraud is an umbrella term that indicates a credit card has been used in an unauthorized fashion. Fraudulent actions as they pertain to credit cards may include theft of the credit card number or card itself, making false statements when applying for a credit card or assuming a the cardholder's identity. CNP fraud is another type, usually carried out through e-commerce, mail. Address verification service (AVS) can help reduce the risk of credit card fraud.
Address Verification Service (AVS) is a means of security that checks to see if the billing address of a credit card used in a transaction is the same as the one provided by the credit card holder at the time of purchase.
A card not present transaction is a payment identification method wherein the physical card - usually a credit or debit card - was not present at the time of purchase.
A card present transaction (CP) is a payment identification method that indicates whether a tangible credit card was used at the time of purchase.
Otherwise known as a digital certificate, an SSL certificate (Secure Socket Layer) is a form of internet security. Used for authentication purposes, an SSL certificate provides certain guarantees...
A debit card is a form of payment that allows individuals to draw money from a bank account to pay for goods and services.
Loyalty programs are initiatives businesses frequently use that reward frequent customers for their patronage, while often incentivizing them to buy more. In order to make use of loyalty program benefits - which can include discounts, rebates, free products or exclusive offerings, among others - customers traditionally must sign up for them, supplying their contact information, such as their name, email, and mailing address.
There are several types of loyalty programs, with discounts being among the most common. For example, when customers purchase a predetermined amount of goods and services over a given period - usually a year - they may receive a certain percentage off with each purchase they make. Members of loyalty programs will frequently receive some form of identification that recognizes them as such, be it a number or a card. Grocery stores, toy merchandisers, pet supply companies, clothing retailers, restaurateurs, e-commerce organizations and coffee shops are among those that provide loyalty perks to their regularly returning customers.