Merchant Category Codes (MCCs) MCCs assigned to a business by Visa or Master Card by using a four-digit number. It is used to classify the business by the type of goods or services it provides. Merchant business is identified based on MCCs. Merchant category codes (MCCs) are used by payment

Merchant Discount Rate (MDR) is a fee agreed and paid by a merchant to an acquiring bank for accepting the payment from their clients/ customers. For each processing of debit and credit card transactions is being charged based MDR. Merchants must agree to the rate to accept debit and credit

Credit Cards vs. Debit Cards Credit cards and debit cards look almost similar, with 16-digit card numbers, expiration dates, and personal identification number (PIN) codes. But that is where the similarity ends. Debit cards allow bank customers to spend money by deducting money they have deposited at the bank. Credit cards

PX Payment (Financial Process Exchange) is a invulnerable on-line charge gateway device that approves shoppers to make real time on line repayments by way of the use of their existing contemporary or financial savings account. FPX presents customers with the convenience to purchase at their retail web sites and on

What is a Payment Processor? In the simplest terms, a payment processor (also known as PSP – Payment Service Provider) is a company that handles transactions between two parties, such as a merchant and a customer or banks. It accomplishes the payment by relaying the payment information, like a credit

What is a Digital Wallet? Also known as an e-wallet, a digital wallet is the online equivalent of a physical wallet. It refers to an electronic device or online service consumers can use to make electronic transactions. How is it works? -You need to install the software/app of the digital

Merchants are inundated with many terms that may seem similar but have drastically different results. This is the case when identifying the similarities and differences between chargebacks and refunds. From a merchants perspective, both chargebacks and refunds result in a lost sale. Retailers would prefer to avoid both, as they

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system. Read on to learn more. The electronic payment system has grown increasingly over

The changing consumer behavior has transformed the payments industry significantly. Once dominated by the traditional checking/savings accounts has now turned to seamless “one-click” messenger applications like Alipay, WeChat and PayTM. Payment firms such as Stripe, Adyen and PayTM are disrupting banks, credit card companies and payment processors. These companies seek

Secure Sockets Layer ( SSL) is a common security technology for creating an encrypted connection between a server and a client — usually a web server (website) and a browser, or a mail server and a mail client (e.g., Outlook). SSL allows encrypted transmission of confidential information such as credit-card