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Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

Approval Code A code provided by the payment processor to indicate that a transaction has been approved. BIN Sponsorship A service provided by payment processors that enables merchants to accept payment cards from multiple card issuers. Batch A group of transactions that are processed together at the end of a business day.

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What The Launch Of Facebook’s Libra Means For Payments

PYMNTS

That leaves one use case: microtransactions. Bitcoin hasn’t ignited as a general purpose online payment method, despite billions of venture money, and the ecosystem of exchanges, wallets and processors (aka miners) that emerged to support its global payments ambition.