Clearly Payments

OCTOBER 22, 2024

A PIN is a four- to six-digit numerical code assigned to a credit or debit card by the card issuer or chosen by the cardholder. In a payment scenario, the PIN helps confirm that the person using the card is authorized to do so. This ensures that only the person who knows the PIN can authorize the payment.

Debit Card

Clearly Payments

JANUARY 16, 2024

What are Interchange Fees in Canada Interchange fees are charges levied by credit card issuers (such as Visa, Mastercard, and others) to merchants for accepting and processing electronic payments. These fees serve as compensation for the risks and costs associated with facilitating electronic transactions.

PCI DSS

Clearly Payments

FEBRUARY 7, 2024

Chargeback Rate The chargeback rate measures the percentage of transactions that result in chargebacks, which occur when customers dispute a transaction with their card issuer. High chargeback rates can negatively impact merchants by increasing costs, damaging reputation, and affecting payment processing eligibility.

Process

Clearly Payments

DECEMBER 2, 2024

This involves using a physical point-of-sale (POS) terminal to process card payments. How It Works The customer swipes, inserts, or taps their card on the POS device. The terminal communicates with the card issuer to approve the payment. How It Works Customers enter their card details during checkout.

Credit Cards

Stax

MARCH 15, 2024

The primary security standards that payment systems typically adhere to include: Payment Card Industry Data Security Standard (PCI DSS): PCI DSS sets forth requirements for securing payment card data, including encryption, access control, network monitoring, and regular security testing.

Process

Clearly Payments

FEBRUARY 12, 2024

These networks have transformed the way payments are processed, moving from paper-based transactions to electronic authorizations and settlements. One area of regulatory focus is competition policy and antitrust regulations, where authorities scrutinize their practices to ensure fair competition and prevent anti-competitive behavior.

Visa

Stax

AUGUST 29, 2024

Step 3: Authorization, settlement, and reconciliation The payment gateway software will now send your customer’s payment information to your PSP to verify, authorize, and settle the transaction. It will also communicate with the customer’s card issuer to verify the authenticity of the card details entered into your checkout page.

Payment Service Provider (PSP)

PayHawk

APRIL 18, 2023

Address Verification Service (AVS) A fraud prevention tool that checks the billing address provided by the cardholder against the address on file with the card issuer. Authorization The process of verifying that a transaction can be approved and funds are available for the transaction.

Process

EBizCharge

AUGUST 12, 2024

When navigating the realm of credit card processing, it’s crucial to distinguish between merchant acquirers (acquiring banks), card issuers, and payment processors, as each plays a distinct role in the card transaction ecosystem. Card issuers are banks or financial institutions that issue credit cards to consumers.

Credit Cards

Stax

SEPTEMBER 17, 2024

If you’re handling cardholder data, you’ll need to think about aspects such as payment processor partners, PCI DSS compliance, and point of sale transactions in addition to various payment methods as credit card transactions and general commerce continue to evolve. However, there are a lot of moving parts involved.

Payment Gateways

Stax

MAY 7, 2024

Learn More Understanding Credit Card Processing Fees Credit card processing refers to the transactional processes involved in securing a credit card transfer between a buyer and a seller. The transactional procedures are the authorization, clearing, and settlement processes of the funds being transferred.

Credit Cards

Segpay

MARCH 6, 2025

Customer Consent and Payment Authorization The process starts when a customer agrees to recurring billing by providing payment details, such as credit card or bank account information. Payment Processing On the scheduled date, the payment processor submits a charge request to the customer’s bank or credit card issuer.

Process

Stax

MARCH 14, 2024

For businesses looking at paying with a credit card, there are often reward schemes and low-interest rates designed to attract businesses with special B2B credit card solutions offered by Visa, Mastercard, and most other card issuers.

B2B

EBizCharge

NOVEMBER 22, 2024

Credit card holds are enforced by merchants, payment processors, credit card networks, and card-issuing banks. A credit card hold can become an actual charge if a transaction is completed. Pre-authorizations and security deposits are common forms of temporary holds.

Credit Cards

EBizCharge

MAY 12, 2025

These standards include: Payment Card Industry Data Security Standards (PCI DSS): PCI Standards set foundational requirements for handling cardholder data, including encryption, secure networks, and security checks. MFA and biometric verification help ensure the authorized cardholder is initiating the transaction.

Process