Terminology | Definition |
Merchant | This is the business/business owner and the party that has signed a contract with Access PaySuite. |
Customer | The customer is the merchant’s customer. This is the third party that is buying goods and services to the business’ that Access PaySuite provide a transaction processing service to. |
Acquiring Bank | The acquirer is a bank that is responsible for moving the physical money from the cardholder’s bank to the merchant’s business bank account. |
Issuing Bank | The card issuer is the cardholder’s bank. The bank issues the customer/ cardholder with a bank card to pay for goods and services. |
Transaction Type | This defines the nature of the transaction. The transaction could be a payment, refund, pre-authorization, capture, etc. |
Card Type | This refers to what the card is used for such as debit or credit card. |
Card Scheme/Payment product | This refers to the global networks that define the card type such as Visa, Mastercard, American Express, etc. |
AVS/CV2 | This refers to the three-digits on the back of the issuing card. AVS is the system checking the three-digits provided matches the cardholder record. |
Frictionless transaction | A transaction that went through minimal checkout steps reducing the need for manual data entry from the customer. |
Liability Shift | The transfer of the financial responsibility for fraudulent chargebacks from the merchant to the card issuer. |