Payment Processing Definition

Rust Definition & Meaning The term used to describe the process and service that automates payment transactions between the shopper and merchant. It is usually a third-party service that is actually a system of computer processes that process, verify, and accept or decline credit card transactions on behalf of the merchant through secure.

Payment processing definition. Payment definition is - the act of paying. How to use payment in a sentence. Your store only connects to the payment processing mechanism and sends all the essential details to get it executed. This is done this way for a couple of reasons. Firstly, it's a much more secure model. In it, it's the payment processing platform that needs to worry about the security issues and making sure that the transactions are kept safe. Payment is the transfer of money or goods and services in exchange for a product or service. Payments are typically made after the terms have been agreed upon by all parties involved. Whether you need online payment, ecommerce product uploads, checks by web, Quickbooks integration, chargeback control, or recurring billing, National Merchants has just the right service for you. If you want to set up or make easy payments online, you should know that the company uses the industry’s best practices to process payments and the lowest rates for your eСommerce needs.

A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such. payment processing definition in English dictionary, payment processing meaning, synonyms, see also 'down payment',progress payment',redundancy payment',stop payment'. Enrich your vocabulary with the English Definition dictionary Authorizing a payment is quick and simple, but real-time payment processing of each individual transaction is expensive and complicated. Thus, batch payment processing is an effective solution. What is batch payment processing? With batch processing, a number of authorized transactions are processed at the same time. High Risk Processing. Most rate structures found in the high risk processing industry are often excessively high and confusing. Many providers believe that because a merchant is considered high risk, they will have no choice, but to accept their unfair rates.

Subscription payment processing, for example, requires more complex features to support recurring billing and ensure security for each periodic transaction. Choose a professional and experienced partner for your payment needs, and your business will be able to seamlessly process eCommerce transactions and give your customers a speedy, pleasant. Processing payment card transactions from a mobile device or smartphone. Monthly Minimum The amount that a processor charges you if its discount rate, transaction fees and other account fees do not collectively equal a pre-determined amount that’s defined in your merchant processing agreement(MPA). Mobile payment (m-payment) is a point-of-sale ( PoS ) transaction made or received with a mobile device. The first online payment processing company was founded in 1998, first under the name Confinity, which was later changed to X.com, changing again to its current name, PayPal, in 2001. The market continued to expand over the following two decades, branching out into a full payment processing ecosystem that includes card companies, digital.

For small businesses, service providers might charge more. Some charge per-transaction fees, while others include a monthly fee or take a percentage of each payment. Depending on your average ticket size, those costs might still be competitive with the charges for processing debit card payments. Capture - The submission of a credit card transaction for processing and settlement. Card Association - a specific credit card company, e.g. Visa, MasterCard, American Express, Discover, JCB, etc. Cardholder-The customer to whom a card has been issued or the individual authorized to use the card. payment processor: In electronic commerce, the firm that processes credit card transactions on behalf of a bank. Payment processing is a general term that refers to how transactions are automated between the customer and the merchant. A third-party service, usually a computer-based system such as eMerchant Gateway, processes the customer’s payment information and is set up to accept or decline transactions on the merchant’s behalf based on pre-set.

payment process definition in English dictionary, payment process meaning, synonyms, see also 'down payment',progress payment',redundancy payment',stop payment'. Enrich your vocabulary with the English Definition dictionary Global payment processing has been a raising payment trend for the last several years. Thus, in 2018 global e-wallet payments only were responsible for 41.8 billion USD spent. And with businesses aiming to expand their presence to global markets, this number will continue growing. Payrexx is payment processing software, and includes features such as debit card support, gift card management, online payments, POS transactions, recurring billing, mobile payments, and bitcoin compatible. With regards to system requirements, Payrexx is available as SaaS software. Costs start at $9.00/month/user. The Payment Gateway is responsible for receiving the payment data from the front-end system, encrypting it, sending it to the bank for processing, receiving the bank’s authorization, and then communicating the authorization information back to the front-end.

Payment processors should be vetted carefully to ensure that they can meet PCI-DSS compliance and security standards and have strong transaction-processing capabilities. In selecting a payment processor, merchants should consider what types of payments the processor accepts, what fees will be charged and on what platforms transactions can take.