Payment Gateway

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A Payment Gateway is service provided by an e-commerce application service provider which facilitates the authorization process between the merchant, processor, and issuing bank. The payment gateway is essentially like an in-store physical POS – or point of sale – terminal...

Payment Gateway Service Provider

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A Payment Gateway Service Provider is the entity or group that provides online businesses the figurative gateway or throughway for sales transaction information to pass from a merchant’s online sales hub to the credit cardprocessing company. Once that information is...

Payment Processor

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A Payment Processor is a company that routes credit card transactions from merchant locations to credit card issuers for complete authorization and eventual settlement. The Payment Processor is a financial institution distinct from the banking institution that processes...

PayPal

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PayPal is an e-commerce business that handles money services like money transfers and online payments. While it started out strictly handing financial transactions on the Internet, the company recently branched out to start accepting payments at brick-and-mortar stores as well....

Personal Identification Number

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A Personal Identification Number – or PIN – is a numeric password shared between a user and a system that can be used to authenticate the user to the system. The user is typically required to provide a non-confidential user identifier or token, such as a credit card or...

Pinpads

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Pinpads are small metallic or plastic boxes with 10-numeric and up to 16 overall keys – including asterisks, transaction cancellation and others keys on their face that are used by banking customers to transfer special information for various transaction at Automated...

Point of Sale

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Point of Sale – or POS – specifically refers to the location where a transaction occurs. This can be a checkout counter at a merchant, a retail shop, or any other location where a transaction occurs. Point of sale is also often used as a sort of shorthand to refer to a...

Programming Fee

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For retail merchants, a Programming Fee is a fee charged for programming the merchant’s sales terminal or credit card reader. Usually, the third-party credit card terminal service provider who sells or leases the credit card terminals to their merchant clients are the...

Purchase Cards (P Cards)

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Purchase Cards – sometimes also known as P-Cards – are credit cards for use specifically by employees of government agencies, schools or individual corporations. The difference between purchase cards and traditional credit cards is that they must only be used at certain...