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Technology glossary

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20 terms

payments Also: 3DS

3-D Secure

An extra cardholder-authentication step used for some online card payments.
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payments Also: payment network

Card network

A payment network that routes card transactions between financial institutions.
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payments

Chargeback

A card payment reversed through the cardholder’s bank after a dispute.
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payments

Interchange fee

A fee generally paid between banks for processing a card transaction.
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payments Also: MoR

Merchant of record

The business identified to the payment system as responsible for a customer charge.
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payments Also: card authorization

Payment authorization

Approval from the payment system to proceed with a proposed charge.
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payments Also: capture

Payment capture

The step that finalizes an authorized payment for settlement.
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payments Also: dispute

Payment dispute

A formal challenge to a payment made through a payment provider.
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payments Also: PaymentIntent

Payment intent

A payment object that tracks a charge through its required steps and states.
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payments

Payment method

The instrument or service a customer uses to pay.
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payments

Payment processor

A service that carries payment information and coordinates transaction processing.
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payments Also: settlement

Payment settlement

The stage when transaction funds are transferred between financial participants.
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payments Also: card tokenization

Payment tokenization

Replacing sensitive payment details with a limited-use substitute value.
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payments

Payout

A transfer of available payment funds to a seller’s or business’s bank account.
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payments Also: Payment Card Industry Data Security Standard

PCI DSS

Security requirements for organizations that handle payment-card data.
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payments Also: recurring charge

Recurring payment

A payment collected repeatedly under a customer’s authorization.
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payments

Refund

Money returned through the original payment transaction.
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payments

Statement descriptor

Text that helps a customer recognize a charge on a bank or card statement.
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payments

Subscription

An agreement for continuing access or service billed over time.
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payments Also: processing fee

Transaction fee

A charge assessed for processing or facilitating a transaction.
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