A Standard On the internet Payment Processing Glossary
From Android Wiki
Tackle Verification Provider (AVS) - A fraud safety support offered by way of MasterCard and Visa that routinely checks the billing deal with equipped by a client in opposition to the billing address the credit rating card business has on file. Once checked, AVS gives merchants a return code that implies how effectively the addresses match and it is up to the service provider to assess the threat and make a decision if they want to allow the acquire.
Batch - A collection of on-line transactions that are processed as a team, such as orders that are batched for authorization.
Card Authorization - This simply refers to the approach of checking for adequate or authorized funds in a cardholder's account.
Seize - The procedure of changing the complete amount of an authorized transaction into a transaction that can be right deposited into a retailer's merchant account.
Cost-again - A cost-again takes place when a customer disputes a transaction and their issuing bank or credit score card company forcibly initiates the return of the funds to the customer.
Merchant Account - A merchant payment gateway account is a variety of bank account that permits on-line merchants to settle for credit rating card payments straight on their website. The account serves as an agreement in between the merchant, the lender that materials the merchant account, and the payment processor to settle all credit rating card transactions acquired on the web site.
3rd-Get together Processors - For merchants that do not qualify or do not want a merchant account, a third-celebration processor is a business that procedures payments (e.g. credit rating playing cards) on behalf of a merchant. With most 3rd-social gathering processors, customers are generally forwarded from the merchant's website to the payment processor's web site to total the transaction.
Payment Gateway - Utilized in conjunction with a service provider account, a payment gateway is an on-line payment processing supplier that truly authorizes credit score card payments. It is the on-line equal of a credit rating card swipe equipment utilized in several brick-and-mortar retail retailers.
Purchasing Cart - Purchasing cart application is a method or plan that makes it possible for on-line buyers to choose a number of things on a website and acquire them when ready. The software immediately calculates the total cost of complete orders for customers. Shopping cart software need to be compatible with payment gateway services.