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ACH Payments: The full name is Automated Clearing House, and it refers to an online bank transfer where the customer moves money from their bank account to the merchant’s without using a debit or credit card.

Address Verification Service (AVS): As the name suggests, this verifies the billing address of the cardholder by checking the information against the details held by the bank that issued the card. It’s a mechanism to reduce fraud by ensuring the customer isn’t using a stolen card.
Acquiring Bank: The financial institution that processes the payments for the merchant, adding them to a bank account ready for payment processing.
Chargebacks: A refund issued to a customer if they dispute a charge. They offer peace of mind to buyers, but can cost the merchant through fines. It’s therefore good practice to think of ways to minimize the risk of a chargeback occurring, such as being clear with product descriptions and making it easy for customers to contact you with any issues.

Merchant Account: Necessary if your store accepts card payments, this is singapore phone data where processed funds are deposited once taken from the customer and before they reach your bank account. Essentially it’s a holding account, and you can’t access it directly.
Payment Gateway: Like a courier, the gateway receives the payments from the customer’s information, and sends it to the payment processor.
Payment Processor: from the payment gateway, the processor confirms the payment details are correct and that there is enough money to cover the payment, and puts the money into your merchant account.
PCI DSS Compliance: Short for the Payment Card Industry Data Security Standard, your store and ecommerce payment processor need to meet the requirements in order to handle credit card information.
Secure Socket Layer (SSL): An essential layer of security, SSL encrypts the data between the browser and server to prevent the customer’s payment information being intercepted and stolen.