Glossary

A

Acquirer

An Acquirer is a financial organisation that provides facilities for businesses to accept payments and receive these funds.

API

An Application Programming Interface is a particular set of rules and specifications that software programs can follow to communicate with each other.

AVS

Address Verification Service is a fraud prevention tool that checks the shopper's address and postcode.

B

BIN Solution

The first 6 numbers of a credit or debit card. All Payment card numbers conform to ISO 7812 and the BIN can be used to determine the card type, issuing bank, country issued and if the card is a commercial card or not.

C

Callback

The Callback is the URL used to process payment responses that are displayed to shoppers.

Chargeback

Chargeback is a sum of money deducted by a credit card company from your account to cover losses for disallowed or fraudulent transactions.

CNP

Card-Not-Present, a term used to describe a merchant situation where the consumer makes a card transaction without being physically present. Examples include online e-commerce and MOTO transactions

Cart

Cart is a piece of software that is basically used to create an online shopping basket or an ecommerce website. Also known as Shopping Cart.

Credit Card

A Credit Card is a plastic card issued by a bank for the purchase of goods or services on credit.

CVC

Card Verification Code is printed on the back of the card and is used to check that the card is physically in the possession of the person.

CVV2

Card Verification Value is printed on the back of the card and is used to check that the card is physically in the possession of the person.

D

DCC

Dynamic Currency Conversion is a service in which holders of credit cards have the cost of a transaction converted to local currency when making a payment in a foreign currency.

Debit Card

A Debit Card is issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

Direct Debit

Direct Debit is an electronic payment system that allows businesses to directly request monetary values from your bank account.

DNS Mapping

Domain Name System is the procedure in which names are mapped to IP addresses and vice versa.

DSS

Data Security Standard is an information security standard for businesses that handle cardholder information.

E

E-Commerce

Electronic Commerce is the term for purchasing goods or services online.

E-Wallet

An Electronic Wallet is an encrypted storage medium which holds credit card and other financial information that can be used to complete transactions.

ECI

Electronic Commerce Indicator indicates the 3D Secure status of a transaction.

ELV

ELV is a German specific type that is basically a spontaneous Direct Debit.

EMV

EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards.

Encryption Levels

Encryption Levels is the process of converting data into a format that prevents outside observers from obtaining the true information.

F

G

Geolocation

Geolocation is the identification of the real-world geographic location of an object, such as a mobile phone or an Internet-connected computer terminal.

Giropay

Giropay is an Internet payment System in Germany, based on online banking.

H

Hosted Payment Page

Hosted Payment page is when HTML Redirect uses HTML forms to pass information to a 3rd party Payment Service, for payment processing.

Https

Hypertext Transfer Protocol over Secure Socket Layer indicates that the connection between client and browser is secure.

I

iDeal

iDeal is a Netherlands specific payment method that enables your customers to pay you from their Internet bank Account.

Identity Check/Theft

Identity Theft is a crime in which an imposter obtains key pieces of personal information.

I-Frame

An Inline Frame is an HTML document embedded inside another HTML document on a website.

IP Address

An Internet Protocol address is a numerical label assigned to each device participating in a computer network that uses Internet Protocol for communication.

J

Java

Java is a programming language and computing platform that powers programs such as utilities, games, and business applications.

JavaScript

A scripting language developed by Netscape to enable web authors to design interactive sites.

K

L

Liability Shift

If a transaction has been authenticated, the issuing bank is then reliable for the chargeback of transactions that are deemed fraudulent.

Level 1 Provider

Level 1 Provider is a company that has access to cardholder data as part of a payment.

M

MAS

Merchant Account Service

Merchant Account

Merchant Account is an agreement with a merchant bank that allows a seller to accept payments by credit or debit cards.

Micropayments

A Micropayment is a financial transaction involving a very small sum of money and usually one that occurs online.

Mobile Commerce

Mobile Commerce tends to refer to transactions that are made or facilitated using mobile devices.

MOTO

Mail Order Telephone Orders - card details that are taken by either telephone or mail order by the seller.

MyST

MyST is a secure interface providing online real-time access to your payment history.

N

NFC

Near Field Communication allows for simplified transactions, data exchange, and wireless connections between two devices in close range of each other.

O

P

Payment Gateway

Also known as PSP, Payment Gateway provides the secure link between your website and your merchant account to ensure the transaction remains secure.

PayPal

PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet.

PCI

Payment Card Industry denoted the debit, credit, prepaid, e-purse, ATM and POS cards and associated businesses.

PSP

An Payment Service Provider provides the secure link between your website and your merchant account to ensure the transaction remains secure. Also known as Payment Gateway.

Q

Quarantine Service

A payment can be automatically suspended and Quarantined until the merchant decides whether to process the payment or not.

R

S

SecureCode

SecureCode is a verification method based on the Card Security Code.

Shopping Cart

Shopping Cart is a piece of software that is basically used to create an online shopping basket or an ecommerce website.

SME

Small and Medium-sized Enterprise (business)

Social Commerce

Social Commerce involves using media and social media to assist in the online buying and selling of products and services.

Social Media

Social Media can be defined as the use of web-based and mobile technologies to turn communication into an interactive dialogue.

Sofortüberweisung

Sofortüberweisung allows your customers to pay you from their Internet Bank Account and is widely used in Austria, Belgium and Germany and lesser so in the UK and Netherlands.

ST2K

Our legacy payment system that has been replaced by STPP and is being phased out.

STPP

SecureTrading are constantly evolving and improving our Payment Gateway. As part of this evolution we have now launched the SecureTrading Payment Platform (STPP), which will replace ST2K.

T

Tokenisation

Tokenisation is a process which divides input text into units called tokens of different types. E.g. Words, numbers and punctuation.

U

Ukash

An international company that provides an alternative way for people to pay for goods and services online.

V

VAT

Value Added Tax is a consumption tax levied by the British Government.

Velocity Checks

A Velocity Check is a fraud protection tool that enables merchants to be notified of suspicious activity on their account.

Verified by Visa

Verified by Visa is a fraud screening initiative to provide a more secure method of authenticating the cardholder at time of transaction.

Virtual Terminal

Also known as MOTO, Virtual Terminal allows you to receive orders via telephone, fax or by mail order.

W

X

Y

Z