Regularly scheduled customer payments that occur over time at specific intervals, such as daily, weekly, monthly, quarterly, or annually.
Regularly occurring charges for maintaining a merchant account. Recurring fees include the discount rate, transaction fees, statement fee, and monthly minimum.
A hardcopy document representing a transaction that took place at the point of sale, with a description that usually includes the transaction date, merchant name/location, primary account number, amount, and reference number.
The process of having a customer’s credit card information validated and processed automatically and in real-time. The credit card will be charged and the money will be deposited into your bank account all automatically.
Point-to-Point Encryption – a security standard created by the Payment Card Industry (PCI) to ensure payment card data remains secure from the beginning to the end of the transaction process.
Payment Service Provider – A company that combines the functions of both a payment gateway and a payment processor, and can connect to multiple acquiring and payment networks.
A device, software, or virtual product that allows a merchant to connect to a merchant account. Without a processing solution like a credit card terminal, there would be no way to verify, approve, and deposit credit card transactions.
A 6-digit alphanumeric string of characters that form part of a postal address in Canada that follows the province or territory abbreviation.
A device that allows a customer to swipe, tap, or insert a credit card to make a charge. Also known as a “terminal machine.” See https://www.cardknox.com/supported-emv-equipment/ for more information.
Point of Sale – A location where a transaction takes place between a merchant and a customer when a product or service is purchased, commonly using a point-of-sale system to complete the transaction. POS can also refer to point-of-sale hardware and software, such as electronic cash register systems, touch-screen displays, barcode scanners, and receipt printers.