• BeeKash Payment System

New to Payment Processing? Here Are Some Payment Processing Terms You Should Know!


If you are new to payment processing, there are various terms that you will hear used that may be unfamiliar. Below you will find a list of common terms to help familiarize yourself with payment processing and merchant accounts.



Approval

An approval means that the payment brand and card issuer have reserved the specified dollar amount from a transaction from the cardholder’s available credit or funds.


Batch

A batch is a single submission of transactions sent to the payment processor through a secure payment gateway.

Card Validation Codes

A Card validation code (CVV, CV2, CVV2) is a three- or four-digit code located on the front or back of a credit card that is used for the purposes of authentication, validity, and to detect fraud.

Chargeback

A chargeback is when a consumer disputes a charge on their account and asks their card issuer for a refund. A chargeback may be filed for multiple reasons including: item not received, item received damaged or defective, charge not recognized, charged multiple times, didn’t authorize payment.

Decline

A decline means that the customer’s credit card is unable to be used for the specified transaction. A card may be declined for multiple reasons including: insufficient funds, lost or stolen card.

Issuer

An issuer is the bank or institution that has issued a credit card to a customer or business.

Point of Sale (POS) Terminal

A Point of Sale Terminal is a device used for card present transactions and connected to the payment processor’s system. Point of Sale Terminals authorize and transmit data for transactions.

Referral

A referral is a request for more information from either the cardholder or merchant before a transaction can be approved or declined.


Are you ready to begin your payment processing journey? Let BeeKash help!

Apply Today!

Beekash Payment System Ltd. Is a Czech Republic Based Global Payment Service Provider Specializing in International Cross Border Transactions Providing Credit Card Processing, Payment Gateway, Virtual Cards, Virtual Terminals, Chargeback Management, and Wallet Services.

 

Beekash Works with Merchants to Help Grow Their Business and Maximize Profitability.

 

Beekash and Mbeepay Are Trademarks of Beekash Payment System Llc - All Rights Reserved

BeeKash PCI Security Level One
  • LinkedIn - Black Circle
  • Instagram - Black Circle
  • Facebook - Black Circle
  • Twitter - Black Circle

Beekash Is Operating Under the EU Financial License Issued to BeeKash Payment Solutions S.R.O. by Czech National Bank, The Central Bank of The Czech Republic.

LEI Number 2549007VCODE9Z9DN335

BEEKASH - SWIFT CODE : BPORCZ22