P2P Payments ( Peer-to-peer )

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 [...]

Level 1, 2 and 3 data for payment processing

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 [...]

Issuing Bank

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 [...]

Merchant Account Reserve

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 [...]

Floor Limit

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 [...]

Fair Credit Billing Act

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 [...]

EMV Liability Shift

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 [...]

Electronic funds transfer (EFT)

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 [...]

Dynamic Descriptor

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. [...]

Dynamic Currency Conversion (DCC)

Dynamic Currency Conversion (DCC) is a service offered in the payments industry that allows customers to make purchases in their own currency when using a payment card abroad. It [...]