Account Updater
A service that refreshes stored card details when they change.
Account-to-Account
Paying directly between two bank accounts, bypassing cards.
Accounts Payable
The money a business owes to its suppliers and vendors.
Accounts Receivable
The money owed to a business by its customers.
ACH
A US network for batched electronic bank-to-bank transfers.
Acquirer
The bank that processes card payments on behalf of a merchant.
Agentic Commerce
Commerce where AI agents shop and pay on a user's behalf.
Agentic Payment Protocol
A standard letting AI agents pay securely and with authorization.
Aggregator
An entity that groups many merchants under one account to simplify onboarding.
AI Agent
Software that acts autonomously to complete tasks for a user.
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B
BIN
The first digits of a card number that identify the issuing bank.
BIN Sponsorship
An arrangement where a licensed bank lets a fintech issue cards under its BIN.
Biometric Authentication
Verifying a payer using a physical trait like a fingerprint.
Blended Pricing
A single flat rate that bundles all card processing costs together.
Blockchain
A shared, tamper-resistant ledger of transactions across many computers.
Buy Now Pay Later
Splitting a purchase into installments, often interest-free.
Capture
The step that converts an approved authorization into a charge to be settled.
Card Issuing
Creating and distributing payment cards to end users.
Card Network
The system, like Visa or Mastercard, that connects banks to move card payments.
Card on File
Securely storing a customer's card for future purchases.
Card Reader
A device that captures card data for an in-person payment.
Card-Not-Present
A transaction made without the physical card, such as online or by phone.
Card-Present
A transaction where the physical card is used at a terminal.
Cardholder
The person who owns and uses a payment card.
Cart Abandonment
When shoppers add items but leave before completing payment.
Cascading
Retrying a failed payment through an alternate provider automatically.
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D
Decline
A rejected payment attempt, either soft (temporary) or hard (permanent).
DeFi
Decentralized finance offering financial services without intermediaries.
Depeg
When a stablecoin's price drifts away from its target value.
Digital Wallet
A service that stores funds or cards for online and in-store payments.
Direct Debit
A pre-authorized pull of funds from a payer's bank account.
Disbursement
Paying out funds from a business to individuals or entities.
Dispute
A cardholder's formal challenge to a charge on their account.
Distributed Ledger
A database shared and synchronized across multiple locations.
Dunning
The process of recovering failed or overdue subscription payments.
Embedded Checkout
A payment form built directly into the merchant's own page.
Embedded Payments
Payment features built directly into a non-payment platform.
EMV
The global chip-card standard that secures in-person payments.
Encryption
Encoding payment data so only authorized parties can read it.
Escrow
Funds held by a neutral third party until conditions are met.
FedNow
The US Federal Reserve's instant payment service launched in 2023.
Fiat-Backed Stablecoin
A stablecoin backed one-to-one by reserves of traditional currency.
Finality
The point at which a transaction becomes irreversible.
Float
Funds held in transit between payment and settlement.
Fraud Score
A risk rating estimating how likely a transaction is fraudulent.
Friendly Fraud
A chargeback filed by a customer for a purchase they actually made.
FX
Foreign exchange, converting one currency into another.
FX Risk
The risk that currency movements change the value of a payment.
Gas Fee
The fee paid to process a transaction on a blockchain.
Hosted Checkout
A checkout page hosted by the payment provider, not the merchant.
IBAN
An international standard number identifying a specific bank account.
Installment Payment
Paying for a purchase in scheduled parts over time.
Interac
Canada's national debit and interbank payment network.
Interchange Fee
A fee paid by the merchant's bank to the cardholder's bank on each transaction.
Interchange Plus
A transparent pricing model that separates network costs from the processor markup.
Invoice
A document requesting payment for goods or services provided.
Issuer
The bank that gives a cardholder their credit or debit card and approves their transactions.
Issuer Processor
A platform that handles authorization and management for issued cards.
KYB
Know Your Business, verifying the identity of a business entity.
KYC
Know Your Customer, verifying the identity of users or clients.
Layer 2
A network built on top of a blockchain to make it faster and cheaper.
Level 2 Data
Extra transaction details that can lower interchange on B2B cards.
Level 3 Data
Detailed line-item data that further reduces B2B interchange.
Liability Shift
A rule moving fraud responsibility to whichever party is less secure.
Liquidity
How readily assets can be converted to cash to meet obligations.
Local Payment Method
A payment option popular or dominant in a specific country.
Mandate
A customer's standing authorization for a business to collect payments.
Marketplace
A platform connecting many buyers and sellers with managed payments.
Merchant Account
A bank account that lets a business accept and hold funds from card payments.
Merchant Discount Rate
The total percentage a merchant pays to accept a card payment.
Merchant of Record
The entity legally responsible for selling and processing a payment.
Micro-payment
A very small-value transaction, sometimes a fraction of a cent.
MID
A unique Merchant ID that identifies a business to the payment networks.
Mobile Wallet
An app storing payment cards for tap or in-app payments.
mPOS
A mobile point of sale using a phone or tablet to take payments.
Multi-Currency
Accepting, holding, or settling payments in more than one currency.
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