Recurring payment

Regularly scheduled customer payments that occur over time at specific intervals, such as daily, weekly, monthly, quarterly, or annually.

Recurring fees

Regularly occurring charges for maintaining a merchant account. Recurring fees include the discount rate, transaction fees, statement fee, and monthly minimum.

Receipt

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.

Real-time processing

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.

P2PE

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.

PSP

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.

Processing solution

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.

Postal code

A 6-digit alphanumeric string of characters that form part of a postal address in Canada that follows the province or territory abbreviation.

POS

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.