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.
A software component, also called an extension, that adds a specific feature to an existing program to enable customization.
Secure PIN debit card processing feature which results in the lowest processing fees.
Personal Identification Number – A four-to-twelve character secret code that allows an issuer to positively authenticate the cardholder for the purpose of approving an ATM or terminal machine transaction occurring at a point-of-interaction device.
Payment gateway provider
A company that provides code and/or software for an e-commerce site enabling it to transfer information from its shopping cart to the acquiring bank, and on through the rest of the credit card transaction process. See also “payment gateway.”