• What is a Merchant Category Code (MCC)?

    17-01-12  769
    Payment related

    A 4-digit code designated by a Credit Card company that lists the product, service, or line of business of a merchant. ......

  • PCI DSS

    17-01-12  4392
    Glossary

    A mandatory set of rules and regulations created to reduce Credit Card fraud. ......

  • What is a Recurring Transaction?

    17-01-12  761
    Payment related

    A charge applied to a cardholder in predetermined intervals for services or goods of an ongoing nature (memberships, subscriptions). ......

  • What is an Independent Sales Organization (ISO)?

    17-01-12  687
    Payment related

    A third-party sales organization that signs Merchants up to accept Credit Cards on behalf of one or more Acquiring Banks. ......

  • Merchant Account

    17-01-12  819
    Glossary

    An account issued by an Acquiring Bank that allows a business to accept Credit and debit cards. ......

  • Payment Service Providers

    17-01-12  715
    Glossary

    A third party that helps Merchants accept and facilitate payments. ......

  • ABA Routing Number

    17-01-12  859
    Glossary

    A unique nine-digit number assigned to each banking institution, used to identify the bank and direct ACH debits and credits. The ABA routing number is usually found at the bottom of a personal or business check. ......

  • API

    17-01-12  792
    Glossary

    Advanced Programming Interface – APIs allow users to program to a pre-constructed interface, instead of individually programming a device or piece of software. ......

  • Fixed fee

    17-01-08  779
    Glossary

    Payment gateway usually charges merchants a small amount for those approved transactions.The amount ranges from 0.10USD to 1.00USD,and it will not be returned even the transaction was refunded or charged back later.This small amount is called fixed fee in ipasspay. ......

  • Rolling reserve

    17-01-08  1306
    Glossary

    Usually 10% of the order amount will be holded by the payment service provider,and not be sent to the merchants' balance until 180 days later. We call the amount as rolling reserve.This is a anti-risk method taken by the PSP. ......

  • Holding period

    17-01-08  3218
    Glossary

    For those transactions processed successfully through the payment gateway,merchants can check them in statement list and balance,but they can not withdraw the funds to their bank account due to holding period rules.Normally the holding period ranges form 7 days to 30 days depends on the merchants' b ......

  • Withdraw & withdrawal fee

    17-01-08  878
    Glossary

    Withdraw: It's a process that you request your funds in merchant account with ipasspay.com to be wired to your own bank account. Withdrawal fee: Merchants are to be charged a small amount when withdraw money from merchant account. Although merchants can be settled by daily utmost to get cash,i ......

  • Buy rate

    17-01-08  837
    Glossary

    Buy rate,or you can call it "Discount Rate".It is charged by the gateway when processing transactions successfully.It is usually a percentage of the order amount. ......

  • SHA256

    17-01-08  703
    Glossary

    SHA-256 (256 bit) is part of SHA-2 set of cryptographic hash functions, designed by the U.S. National Security Agency (NSA) and published in 2001 by the NIST as a U.S. Federal Information Processing Standard (FIPS). A hash function is an algorithm that transforms (hashes) an arbitrary set of data el ......

  • Virtual Terminal

    16-12-31  703
    Glossary

    This term is also used to refer to web interfaces for processing card not present transactions. Such terminals allow call centre agents to enter a customer's credit card details to take a payment. KNown as card-not-present payments, merchants or customers enter credit card payment information within ......