Point to Point Encryption is a security method that helps keep highly sensitive financial data - like credit card numbers - behind the technological equivalent of closed doors.
Started by a group of banks in 1966, MasterCard recently celebrated its 50th anniversary. Originally known as the Interbank Card Association, it went through…
Typically black in color, magnetic stripes are attached to both credit and debit cards and allow terminals to make sense of the information that they contain.
The predecessor to both Android Pay and Apple Pay is Google Wallet. First released in 2011, it serves all the mobile functions as its contemporaries and is accessed when mobile phone users download the app.
EMV chips have helped resolve security issues through computer chip technology, making it more difficult for credit terminals to be compromised.
Discover is one of the major credit lenders. It came on to the credit card scene in 1986, launched by Sears, Roebuck & Company, which at the time was the largest retailer in the U.S…
Apple Pay is a mobile payment service that allows individuals to purchase goods and services on a wide variety of devices the multinational tech company produces, such as the iPad, iPhone, or Apple Watch.
American Express boasts 110 million cardholders overall. However, it represents only about 8 percent of all credit lines, according to data compiled by Nerdwallet.
Short for Standard Industry Classification, SIC code is a numerical way of identifying what product and services business provide for their customers.
EFT (Electronic Funds Transfer) is a product of the paperless era that allows for the transference of money from one account to another.
Near Field Communication (NFC) is a process that allows for the communication between two or more devices so long as they're close.
Merchant Category Codes (MCC) are similar to SICs, in that they're used primarily for identification purposes.
Encryption is used as a means to protect data during the transmission process.
Omnichannel businesses provide their customers with the ability to purchase goods and services through virtually all avenues, be it online, in person, by phone or through apps, among others
Tokenization relates to swapping out one piece of information for something else, mainly due to the security advantages that this strategy fosters.
Gateways, otherwise known as payment gateways, are a system of technologies that allow for electronic transactions to proceed.
Fees, like prices, vary considerably and depend on characteristics of the transaction, such as whether the purchase is conducted in store or online, selling value and the average amount of sales for the product or service in question over a week, month or year.
Discount rate is an umbrella term used to describe what merchants that accept credit card or other forms of alternative payment involving a processor will be charged when customers pay with plastic or mobile device.
Qualified discount rates are one of three types - the others being mid-qualified and non-qualified - and are the rates most often charged. Credit card issuers have their own definitions qualification for transaction that fall in one of the three tiers, but generally speaking, qualified discount rates are the most highly sought after and cost the least.
Independent sales organizations, otherwise known as ISOs, are hired third-party firms or organizations that bring merchants and credit card issuers together.