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eCommerce payments terminology



eCommerce Payments Terminology

Part 1

Selling goods and services in an eCommerce environment requires a new set of considerations and decisions. One of the most important is how to manage a payments program when your customers cannot swipe their physical cards. So we put together this three-part series to highlight some key terminology that might be helpful as you consider an eCommerce payments program. Here are some basics to get you started.

Card-Not-Present (CNP)
Transaction in which a merchant honors the account number associated with a card account and does not see or swipe a physical card or obtain the account holder’s signature

Integrated Payments
When payment processing solutions are integrated with other business functions such as accounting, customer relationship management, and inventory management systems

Merchant
A commercial entity or person authorized to accept cards and access devices when properly presented; an organization that uses credit cards to receive payments from its customers pursuant to agreement with card brands

Merchant Identification Number (MID)
A unique number assigned to a merchant account to identify it through the course of payment processing activities

Payment Processor
Company appointed by merchants to handle card transactions for merchant acquiring banks

Recurring Services Merchant
A merchant that provides services of an ongoing nature to a cardholder (club membership, magazine subscription, etc.) and uses recurring transactions to bill the cardholder for these services

Stay tuned for Part 2, where we’ll explore payment cards and how they’re issued.  
 

Source: Vantiv, http://www.vantiv.com/Insights/Resources-By-Type/Papers/Payments-Dictionary-205-Words-Worth-Knowing, 2014.

 

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