A Simple Online Payment Processing Glossary
De BISAWiki
Address Verification Provider (AVS) - A fraud safety service provided through MasterCard and Visa that instantly checks the billing address provided by a consumer from the billing handle the credit rating card firm has on file. Once checked, AVS offers retailers a return code that indicates how properly the addresses match and it is up to the merchant to evaluate the danger and choose if they want to let the purchase.
Batch - A collection of on-line transactions that are processed as a team, such as orders that are batched for authorization.
Card Authorization - This basically refers to the method of examining for satisfactory or approved money in a cardholder's account.
Seize - The procedure of changing the complete volume of an approved transaction into a transaction that can be right deposited into a retailer's merchant account.
Cost-again - A cost-back again happens when a customer disputes a transaction and their issuing lender or credit rating card firm forcibly initiates the return of the money to the client.
Merchant Account - A service provider payment gateway account is a type of financial institution account that permits on the internet merchants to acknowledge credit history card payments directly on their website. The account serves as an settlement among the merchant, the bank that materials the service provider account, and the payment processor to settle all credit card transactions acquired on the website.
Third-Party Processors - For retailers that do not qualify or do not want a service provider account, a 3rd-social gathering processor is a firm that processes payments (e.g. credit playing cards) on behalf of a merchant. With most third-celebration processors, clients are normally forwarded from the merchant's internet site to the payment processor's web site to complete the transaction.
Payment Gateway - Used in conjunction with a service provider account, a payment gateway is an on the web payment processing supplier that in fact authorizes credit history card payments. It is the online equal of a credit history card swipe equipment employed in several brick-and-mortar retail shops.
Buying Cart - Searching cart software is a program or software that enables on-line customers to pick a number of things on a site and purchase them when all set. The software instantly calculates the total cost of entire orders for customers. Purchasing cart application have to be compatible with payment gateway companies.
