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Virtual Terminal (payment Processing)
A virtual terminal is a software application (often a web application) for merchants which allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card (“card not present transaction”). They are called “virtual” terminals in contrast to the physical payment terminals used to process card payments when the payment card is present. Use of virtual terminals When a customer wants to pay with a card over the phone, a virtual terminal allows the person accepting payment (such as a call center agent) to enter the customer's credit card details to process the payment. Unlike when using a regular payment terminal, the presence of the payment card is not required. The payment data is then automatically sent to the payment processor A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Web Application
A web application (or web app) is application software that is created with web technologies and runs via a web browser. Web applications emerged during the late 1990s and allowed for the server to dynamically build a response to the request, in contrast to static web pages. Web applications are commonly distributed via a web server. There are several different tier systems that web applications use to communicate between the web browsers, the client interface, and server data. Each system has its own uses as they function in different ways. However, there are many security risks that developers must be aware of during development; proper measures to protect user data are vital. Web applications are often constructed with the use of a web application framework. Single-page applications (SPAs) and progressive web apps (PWAs) are two architectural approaches to creating web applications that provide a user experience similar to native apps, including features such as smoo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchant
A merchant is a person who trades in goods produced by other people, especially one who trades with foreign countries. Merchants have been known for as long as humans have engaged in trade and commerce. Merchants and merchant networks operated in ancient Babylonia, Assyria, China, Egypt, Greece, India, Persia, Phoenicia and Rome. During the European medieval period, a rapid expansion in trade and commerce led to the rise of a wealthy and powerful merchant class. The European Age of Discovery opened up new trading routes and gave European consumers access to a much broader range of goods. By the 18th century, a new type of manufacturer-merchant had started to emerge and modern business practices were becoming evident. The status of the merchant has varied during different periods of history and among different societies. In modern times, the term ''merchant'' has occasionally been used to refer to a businessperson or someone undertaking activities (commercial or industrial) for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Card
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards. There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder. However, stored-value cards store money on the card itself and are not necessarily linked to an account at a financial institution. The largest global card pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Terminal
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad (called a PINpad) for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization. A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information. They are often connected to point of sale systems so that payment amounts and confirmation of payment can be transferred aut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Processor
A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end. Front-end processors have connections to various card associations and supply authorization and settlement services to the merchant banks' merchants. Back-end processors accept settlements from front-end processors and, via the Federal Reserve Bank for example, move the money from the issuing bank to the merchant bank. In an operation that will usually take a few seconds, the payment processor will both check the details received by forwarding them to the respective card's issuing bank or card association for verification, and also carry out a series of anti-fraud measures against the transaction. Additional parameters, including the card's country of issue and its previous payment history, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MO/TO
A card-not-present transaction (CNP, mail order / telephone order, MO/TO) is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time that an order is given and payment effected. It is most commonly used for payments made over the Internet, but can also be used with mail-order transactions by mail or fax, or over the telephone. Card-not-present transactions are a major route for credit card fraud, because it is difficult for a merchant to verify that the actual cardholder is indeed authorizing a purchase. If a fraudulent CNP transaction is reported, the acquiring bank hosting the merchant account that received the money from the fraudulent transaction must make restitution to the cardholder, which is called a chargeback. In addition, the merchant account would be assessed a chargeback fee by the acquiring bank. This is the opposite of a card present transaction, when the issuer of the card ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
