Setting up a merchant account for a business involves several steps and requirements, as it allows the business to accept credit card payments from customers. Here are the typical requirements and steps involved in setting up a merchant account: Once your merchant account is set up and operational, you can start accepting credit card payments […]
In an ecommerce store, you typically need both a payment gateway and a merchant account to facilitate online transactions and accept payments from customers. These two components play distinct but interconnected roles in processing online payments: Here’s why you need both: To set up both a payment gateway and a merchant account for your ecommerce […]
Peer-to-Peer (P2P) payments refer to the transfer of funds between individuals or entities using digital platforms or mobile applications. These payments allow individuals to send money directly to one another without the need for intermediaries like banks. P2P payments have gained popularity due to their convenience, speed, and simplicity in transferring money. How P2P Payments […]
An SSL certificate is a digital certificate that establishes a secure encrypted connection between a website and a user’s web browser. SSL stands for Secure Socket Layer, which is a technology that enables secure communication between web servers and web browsers. When a user visits a website with an SSL certificate, the web browser and […]
Web 2.0 is a term used to describe the second generation of the World Wide Web, which emerged in the early 2000s. It was characterized by a shift towards user-generated content, social media platforms, and interactive websites. Here are some key features and examples of Web 2.0: Examples of user-generated content platforms include: Examples of […]
“Bankcard Merchant Transaction Over Threshold Discount.” This is a discount that is applied to a merchant’s account when they exceed a certain threshold of transaction volume. Some payment processors or merchant services providers offer this type of discount as an incentive for high-volume merchants. The discount amount may vary depending on the merchant’s agreement with […]
Buy Now, Pay Later (BNPL) is a payment option that allows consumers to purchase goods or services and pay for them over time, usually in installments. BNPL is typically offered by third-party providers, who pay the merchant in full at the time of purchase and then collect payment from the customer in installments over a […]
A virtual terminal is an online application that allows businesses to accept payments from their customers by credit card, debit card or e-check. It functions as a software interface that connects to a payment gateway, allowing merchants to process transactions remotely without the need for physical terminals. When a customer makes a payment through a […]
Independent Sales Organization ( ISO ) ISO with payments typically refers to a company or organization that is authorized to facilitate credit card payments between merchants and acquiring banks (banks that process card payments). ISOs (Independent Sales Organizations) with payments are essentially intermediaries between the merchants who want to accept credit card payments and the […]
The underwriting department is responsible for reviewing and evaluating merchant account applications for approval. This department assesses the risk involved in providing a merchant account to a business and makes a decision on whether or not to approve the application. The underwriting department performs a thorough evaluation of the business, including a review of the […]