Payment Industry Keywords

3D Secure

An additional layer of security for online card transactions that adds an authentication step, typically involving a one-time password or biometric verification, to reduce the risk of fraud.

ACH

Automated Clearing House, an electronic network that facilitates the transfer of funds between bank accounts in the United States, commonly used for direct deposits, bill payments, and other types of electronic funds transfers.

Acquiring

Bank

A financial institution that facilitates the processing of payment transactions on behalf of merchants. It authorizes and settles transactions, manages merchant accounts, and transfers funds from the customer's issuing bank to the merchant's bank account.

Biometric

Authentication

The use of unique physical or behavioral characteristics of an individual, such as fingerprints, facial recognition, voice recognition, or iris scans, to verify their identity for secure payment transactions.

Blockchain

A decentralized and distributed ledger technology that records transactions across multiple computers or nodes, providing transparency, security, and immutability to various applications beyond cryptocurrencies, such as supply chain management and digital identity verification.

Biometric Payment Cards

Payment cards equipped with biometric sensors, such as fingerprint scanners, for secure and convenient authentication during in-person transactions.

Card

Association

A network such as Visa, Mastercard, American Express, or Discover that facilitates the issuance and acceptance of payment cards. They set rules and standards for card usage, processing, and interchange fees.

Chargeback Protection

Services or measures provided by payment processors or merchants to mitigate the risk of chargebacks and disputes, ensuring proper handling and resolution of customer claims.

Card

Verification

Code (CVC/CVV)

A three- or four-digit security code printed on payment cards, providing an additional layer of authentication for card-not-present transactions.

Chargeback

A process in which a customer disputes a transaction and requests a refund from their issuing bank. The bank investigates the claim and may reverse the transaction, returning the funds to the customer.

Contactless

Payments

Payments made by tapping or waving payment cards, mobile devices, or wearable devices near a contactless-enabled terminal using near-field communication (NFC), enabling quick and convenient transactions without physical contact.

Cross-Border Payments

Financial transactions that involve sending or receiving money between different countries or currencies, often involving additional complexities and fees due to currency conversion and international banking systems.

Digital Currency

Any form of currency that exists solely in electronic or digital form, often decentralized and operating on blockchain technology, providing secure and transparent transactions.

Digital Wallet

A virtual wallet that allows users to store payment card information and make payments using smartphones or other mobile devices, securely storing card details and enabling convenient and secure transactions through various mobile payment apps or platforms.

Data Encryption  

The process of converting plain text or sensitive data into a coded format to protect it from unauthorized access or interception during transmission or storage.

Digital Invoicing

The process of generating and sending electronic invoices to customers, allowing for faster payment processing and reducing paper-based documentation

Dynamic Currency Conversion (DCC)

A service that allows international travelers to pay for goods or services in their own currency, with the conversion rate provided by the merchant or payment processor at the point of sale.

E-commerce Platform

A software or online service that enables businesses to sell products or services online, typically including features for product listings, shopping carts, and payment processing.

EMV

Europay, Mastercard, and Visa, the three organizations that developed the global standard for chip-based payment cards. EMV technology provides enhanced security by using chip cards that generate unique transaction codes for each payment.

E-wallet

An electronic wallet that stores multiple payment methods, such as credit cards, debit cards, and bank account information, allowing users to make secure online transactions.

In-App Payments

Payments made within a mobile application, allowing users to conveniently and securely pay for digital goods, services, or subscriptions without leaving the app.

Internet of Things (IoT)

The network of physical objects or "things" embedded with sensors, software, and connectivity that enables them to collect and exchange data.

Issuing Bank

A financial institution that provides payment cards, credit or debit cards, to consumers.

Merchant Account

A type of bank account that enables businesses to accept and process payments from customers. 

Mobile Point of Sale (mPOS)

A system that allows businesses to accept payments on mobile devices, such as smartphones or tablets. 

Mobile Wallet

See "Digital Wallet."

Payment Aggregator

A company that enables merchants to accept payments without the need for their own merchant accounts. 

Payment Gateway

A technology platform that facilitates the secure transmission of payment data between customers, merchants, and financial institutions. 

Payment Gateway API

A set of rules and protocols that allows software applications to integrate with a payment gateway.

Payment Link

A URL or hyperlink that merchants can send to customers to facilitate online payments.

Payment Processor

A company or service provider that acts as an intermediary between the merchant and the acquiring bank. 

PCI DSS

Payment Card Industry Data Security Standard, a set of security standards established by major credit card companies to protect cardholder data and ensure secure payment processing. 

Prepaid Card

A payment card that is loaded with a specific amount of money in advance. 

Recurring Payment

An automated payment that is set up to occur regularly, typically on a predetermined schedule. I

Settlement

The process of transferring funds from the customer's bank account to the merchant's bank account for completed payment transactions. 

Why & How PayRate42 Works Building & managing reputation

Why Providers Should Claim Or List Their Profile
PayRate42 systematically screens for financial service providers, lists their profile, reviews and rates them. Providers can claim these profiles or list it themselves. This works in the same way as Trustpilot. The review of the profile claim is a KYC check which upgrades the rating. Read more here.
Why Clients Should Review Provider Profiles
The Compliance & Risk Assessment is carried out by the PR42 team on the basis of a thorough OSINT analysis. However, the quality of a provider depends above all on customer satisfaction. This can be measured by their ratings and reviews. Read more here.
The PayRate42 Verification
With a verified (claimed) profile, financial services providers can display our PayRate42 Verification Badge on their website. This signals to their customers that they are verified, rated, and trustworthy.

PayRate42 Added Value Bringing transparency to the industry

Guidance & Transparency
PayCom42 is a CyberRating agency for payment processors and financial institutions. We work with crowdsourced intelligence to offer guidance for regulators, compliance people, merchants and their clients.
Verification, Reviews & Ratings
Financial services providers are reviewed, verified and rated by PR42. Additionally, clients and partners are able to provide reviews and ratings. ThePR42 verified badge increased the trust level.
News & Announcements
The global CyberFinance space with its fintechs, paytechs, and payment processors is is an opaque and dangerous jungle. The PR42 reviews and ratings are a competent guide through this jungle.