Real-Time Payments: Real-time payments refer to transactions that are processed and settled immediately, usually within a matter of seconds, allowing funds to be transferred almost instantly from one party [...]
Real-Time Payments: Real-time payments refer to transactions that are processed and settled immediately, usually within a matter of seconds, allowing funds to be transferred almost instantly from one party [...]
Payments Authorization: A payment authorization is a process in which a merchant (business) verifies if a customer’s payment method, such as a credit or debit card, has sufficient funds [...]
Level 1, Level 2, and Level 3 data refer to different levels of data requirements and reporting that merchants must adhere to when processing transactions, especially in the context [...]
The issuing bank, in the context of payment processing, refers to the financial institution that provides payment cards (such as credit cards or debit cards) to consumers. These payment [...]
A merchant account reserve in the payments industry refers to a portion of funds that a payment processor or acquiring bank holds as a security measure against potential financial [...]
In payment processing, the floor limit refers to the maximum transaction amount below which a merchant does not require authorization from the card issuer for a card transaction. It [...]
The Fair Credit Billing Act (FCBA) is a federal law enacted in the United States to protect consumers in credit billing transactions. It applies to open-end credit accounts, such [...]
The EMV (Europay, Mastercard, and Visa) liability shift refers to a significant change in the way liability for fraudulent card transactions is assigned between merchants, card issuers, and payment [...]
In the payments industry, an Electronic Funds Transfer (EFT) refers to the electronic transfer of funds from one bank account to another, allowing individuals, businesses, or organizations to send [...]
In the payments industry, a dynamic descriptor refers to a feature that allows merchants to customize the information displayed on a customer’s payment card statement for a particular transaction. [...]