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100+ Payment Industry Terms Explained in Plain English

Clearly Payments

ACH Bank-to-bank transfers, like direct deposit or bill pay. EFT (Electronic Funds Transfer) Same as ACH, used more often in Canada. Digital Wallet Apps like Apple Pay or Google Pay that store your card. EMV Chip technology on credit cards. Card Present A sale made with the card in hand.

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Understanding the Payment Terminal: Integrated vs. Semi-Integrated vs. Non-Integrated Payment Terminals

Stax

TL;DR A payment terminal enables a merchant to take chip card and contactless payments. In simplest terms, payment terminals are the machines used to pay for things using credit or debit cards when you make a purchase in-person. Previously you would swipe your magstripe card in a payment terminal.

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What Is Debit Card Processing & How Does It Work?

Payment Savvy

As the preferred method for many, debit card transactions offer convenience, security, and immediate fund transfers, making them integral to modern commerce. Businesses that learn the ins and outs of debit card processing can better accommodate their customers’ preferences and rationalize their financial procedures.

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10 Easy Ways to Collect Payments from Customers

EBizCharge

It also enhances security, as modern contactless payment options like digital wallets and chip cards are equipped with advanced encryption, protecting sensitive customer information from potential fraud. Businesses can use these apps to collect payments quickly and efficiently.

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Fintech Trending: P2P, EMV, NFC, NLP… OMG

Fintech Labs Insights

With increased competition in the P2P payments industry ( PayPal / Venmo ( FDNY 16 ), Square Cash, Zello), banks are feeling pressure to compete by offering faster delivery of funds. The partnership enables banks to offer funds-transfers a day sooner, or even same-day. Check out CardFlight’s full EMV report here.

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