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Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

Automated Clearing House (ACH) An electronic network that enables the transfer of funds between bank accounts. Annual Percentage Rate (APR) The annual interest rate charged by a credit card issuer on outstanding balances. B Bank Identification Number (BIN) The first six digits of a payment card number that identify the card issuer.

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The top 15 spend management software in 2023

Nanonets

Streamlined expense approval processes, automating spend limits and approval mechanisms Spend data analysis to identify savings opportunities and recommend cost-saving measures. I Two-factor authentication for bank account changes via the vendor portal further fortifies protection against scams.