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Payments Explained

The Payments Explained is a complete glossary that defines the main terms and concepts commonly used in the payment industry. In just a click you can access great articles and easily learn more about the payments world.

  • 3D Secure

    3D secure - as known as payer authentication - is a technical standard that adds a layer of security in online credit and debit card transactions.

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  • Acquiring Bank

    An institution that has the authorization to process a transaction and manage communication between credit associations and businesses.

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  • Credit Card

    A payment method that enables the cardholder making transactions within a credit limit and pays only in the recurring month.

  • Credit Card Declines

    Credit card decline is when for different reasons, a credit card payment cannot be processed and the transaction is declined.

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  • Cross-border Payments

    Cross-border payments defined as funds paid to or taken in from different countries, so the location where the merchant is registered is different from the country where the customer's card was issued.

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  • Credit Card Schemes

    With card schemes, your customers can make purchases and pay bills, online or in-store, without the need for cash or cheques. Learn about card schemes.

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  • Chargeback

    A chargeback is the act of a customer filing for the return of their funds directly with the bank, that can happen for different reasons.

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  • Debit Card

    A card that enables the user to make purchases. The payment is charged in the moment of the transaction accessing directly the user banking account.

  • Hosted Payment Page

    It is a third-party checkout web form that handles electronic transactions (payments made with credit and debit cards).

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  • Installments

    A popular payment method that splits up the total amount due to monthly payments, allowing customers to make higher prices purchases.

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  • OXXO

    OXXO invoice is a payment method which is widely used by Mexicans to pay for their utility bills and even online purchases, in cash.

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  • Payment Gateway

    A payment gateway is a mechanism that assures security and facility sending credit card information from the merchant's website to the payment processor.

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  • Payment Authentication

    The process of confirming a customer's identity through at least one of these authentication factors: knowledge, inherence, ownership, and user location.

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  • Payment Processing

    Is the entire process of an online payment transaction which involves different players such as the payment processor, the acquirer and issuer bank.

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  • PSD2

    PSD2 is the new EU financial directive. It obliges banks to open up their data in a secured form so that it can be shared between Third Party Providers.

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  • Payment Service Provider

    Payment Service Providers work on the backend of the e-commerce and bring all the main parties involved in the transactions together.

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  • PCI DSS

    PCI DSS: Payment Card Industry Data Security Standard is a set of 12 security standards designed to ensure that all the card payments are being processed safely.

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  • Recurring Payments

    Find out what is the definition of automatic recurring subscription payments and how these monthly charges and fees can help your business model.

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  • Refund

    When a customer buys a product our service and after asks for his money back so the merchant needs to make a reimbursement.

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  • Tokenization

    Tokenization is the process to create tokens to protect customers’ sensitive data by replacing it with algorithmically generated numbers and letters.

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