Five Payment Processing Terms You Need To Know
Whether you’re a new business owner or a seasoned professional, the payment space is full of confusing terminology. Here are five payment processing terms that you should know:
This is when you, the merchant, send multiple authorization requests to the processor to be settled.
2. Card Present Transactions
This type of transaction occurs when the card is physically present and is generally swiped, inserted, or tapped at a terminal at your business location.
3. Card Not-present Transactions
This type of transaction occurs when the card is not physically present and often requires obtaining additional information to verify the purchase and the cardholder’s identity. These transactions are generally completed over the phone or with online purchases.
Gateways are what connect your business to the payment processor to help facilitate the transaction process. Not all processors have their own gateways and may partner with another company to provide a secure payment experience.
5. Point of Sale
Oftentimes abbreviated to POS, this is generally where a transaction is completed. Depending on your business, this can be a standard terminal fixed to a certain place (like a front desk or register) or a mobile or on-the-go solution.
Payment processing doesn’t have to be intimidating. Let FortisPay help your business today!