electronic-payments.co.uk

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Definitions (61)

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electronic payments


About electronic payments
Source: electronic-payments.co.uk

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acquiring bank


The bank that supplies merchant services.
Source: electronic-payments.co.uk

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address verification service


A system that permits the verification of a card user’s address against the address held for the card.
Source: electronic-payments.co.uk

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api


API (application programming interface) allows different applications to link together.
Source: electronic-payments.co.uk

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bacs


Bank automated clearing system. An electronic payments method primarily used for large volumes of transactions such as payroll and regular business to business client and customer payments.
Source: electronic-payments.co.uk

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bespoke integration


When an electronic payment solution requires an experienced programmer, a bespoke integration will be necessary.
Source: electronic-payments.co.uk

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bond


A quantity of funds supplied by the merchant to cover the exposure of the acquiring bank.
Source: electronic-payments.co.uk

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capture


The process of collecting funds from a card account once authorisation has taken place.
Source: electronic-payments.co.uk

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card verification code


Also CVV2 and CSC. A three-digit number printed on the back of a card that is used for extra confirmation that the card user has the original card.
Source: electronic-payments.co.uk

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charge-back


Return of funds to a consumer, forcibly initiated by the issuing bank of the instrument used by a consumer to settle a debt/make a payment.
Source: electronic-payments.co.uk


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