Payment Basics
This type of payment method allows consumers to make purchases using borrowed funds.
What is a credit card?
This standard was created to protect cardholder data and ensure secure transactions.
What is PCI DSS (Payment Card Industry Data Security Standard)?
This fee is typically charged for each transaction processed through a payment processor.
What is a transaction fee?
This technology allows customers to pay by tapping their cards or mobile devices at checkout.
What is NFC (Near Field Communication)?
This term refers to the fees charged by credit card companies for processing transactions.
What are processing fees?
This technology replaces sensitive card information with a unique identifier during transactions.
What is tokenization?
These fees are paid to the issuing bank for processing credit card transactions, often expressed as a percentage.
What are interchange fees?
This digital currency operates on blockchain technology and allows peer-to-peer transactions without intermediaries.
What is Bitcoin?
This is the process of verifying whether the cardholder has sufficient funds for a transaction.
What is authorization?
This type of fraud occurs when someone uses another person's credit card information without permission.
What is credit card fraud?
This fee may be charged monthly by payment processors for maintaining a merchant account.
What is a monthly service fee?
This type of code can be scanned by smartphones to facilitate quick payments or access information.
What is QR code?
This type of payment allows customers to pay for goods and services over time, often with interest.
What is installment financing?
This term refers to the practice of monitoring transactions for suspicious activity.
What is transaction monitoring?
This fee can be applied if a merchant does not meet a minimum transaction volume within a specified period.
What is a minimum monthly fee?
This payment method allows consumers to finance purchases at the point of sale, often with no interest if paid within a promotional period.
What is Buy Now, Pay Later (BNPL)?
This method allows businesses to accept payments directly from customers' bank accounts.
What is ACH (Automated Clearing House) transfer?
This encryption method secures data transmitted between a customer and a merchant during online transactions.
What is SSL (Secure Socket Layer)?
This term describes the total cost incurred by merchants for accepting credit card payments, including all associated fees.
What is merchant discount rate?
This software integrates with e-commerce platforms to securely process online payments.
What is payment gateway?