Finance

Tag: Payments

  • Merchant Bank

    Merchant Bank in the Context of Payments Definition of Merchant Bank in the context of payments: See Acquiring Financial Institution.

  • Approval Response

    Approval Response in the Context of Payments Definition of Approval Response in the context of payments: An affirmative reply following a transaction authorization request.

  • Lockbox

    Treatment of Lockbox in the United States Law The following is a short concept of Lockbox published by Marco Terry: A bank treasury management system. It is desgined to receieve payments by mail and deposit them to an account as quickly as possible. Most bank lockbox systems also scan invoices […]

  • Discount Rate

    Discount Rate in the Context of Payments Definition of Discount Rate in the context of payments: The fees charged by the card acquirer to the merchant for processing payment card transactions.

  • POS Terminal

    POS Terminal in the Context of Payments Definition of POS Terminal in the context of payments: A terminal at the point of sale, connected via telecommunication lines to a central computer. Authorization, recording and transmission of electronic transactions are performed through the terminal.

  • Card-Not-Present

    Card-Not-Present in the Context of Payments Definition of Card-Not-Present in the context of payments: A type of card transaction in which the card is not present at the point of sale for the magnetic stripe to be read. These are considered higher risk transactions.

  • Debit Switch

    Debit Switch in the Context of Payments Definition of Debit Switch in the context of payments: A portal that transmits debit data between gateway banks and debit card issuers – also referred to as "Debit Network." Only financial institutions may be members of debit switches.

  • Authorization Request

    Authorization Request in the Context of Payments Definition of Authorization Request in the context of payments: A merchant's request for an authorization to accept a cardholder's sales transaction. An authorization request can occur electronically via a credit card processing terminal […]

  • Offline Transaction

    Offline Transaction in the Context of Payments Definition of Offline Transaction in the context of payments: A transaction that is authorized through a voice authorization and later keyed into a POS terminal prior to settlement.

  • Network

    Network in the Context of Payments Definition of Network in the context of payments: An entire system of communication hardware and software used to transfer electronic information during the authorization and settlement process.