Below are some useful terms used in ecommerce applications.
Address Verification (AVS)
The billing address of the shopper is verified against details
held by the card issuer.
Card Verification
Card verification value, variously referred to by card issuers
as Security Code, CVV, CVV2 and CVC.
The card verification value is a three or four digit
security number printed on the front or back of credit cards.
The number is difficult for fraudsters to reproduce.
It is also difficult to steal, because merchants are not
permitted to store the number on their systems.
Chargeback
A chargeback occurs when the bank that issued the debit or
credit card to one of your customers reverses the transaction,
even though it may previously have been cleared. This can happen months after the transaction took place, and for a number of reasons:
Sometimes the shopper claims they never received the goods, that they were defective, or a stolen card number may have been used.
Customer Relations Management (CRM)
The management of all interactions between a business and its customers, whether sales or service related.
Acquisition & SettlementCurrencies
Acquisition currencies are the currencies your shoppers can use to buy from you.
Settlement currencies (sometimes called remittance currencies) are the currencies WorldPay uses to pay the money you are owed from transactions into your bank account(s).
Deferred Processing (pre-auth)
With this payment method, the shopper enters their card details as normal, online security checks are made, and funds are reserved for payment against the credit or debit card used by the shopper. Completion of the payment is not completed at the time, however, but deferred, allowing the merchant to make extra offline checks against the card and/or goods to be delivered before payment is taken.
If the merchant is satisfied with the results of his extra tests, and/or that goods have been delivered, he completes (or post-authorises) the transaction, and the shopper is debited.
Enterprise Resource Planning (ERP)
This management system aims to create a more efficient, flexible business through the integration of all its component parts - from development through to sales
Interactive Voice Response (IVR)
A technology that connects touch-tone phones with a database, enabling users to get or enter information.
Internet Merchant Account
You need a special kind of merchant account to trade online. An Internet Merchant Account (IMA) provides you with the license to accept payments and the mechanism to convert them back into cash in your bank account.
Even if you already have a merchant account from your bank for real world trading, you will still need a merchant account for the Internet. The types of credit and debit cards you can accept from shoppers, and the currencies your shoppers can use to buy from you, depend on your choice of Internet merchant account.
Mail Order/Telephone Order
Mail Order/Telephone Order (MOTO) transactions are those carried out by a customer by phone, mail or over the Internet. The customer pays for goods or services by providing their payment details (for example, card type, card number and expiry date) directly to the merchant.
With WorldAccess, Our internet terminal, you can accept payments by phone, fax or mail using an online form.
Real-time
The transaction is processed as soon as the shopper submits their payment.
Repeat Billing
Repeat billing, also referred to as recurring payments, enables you to accept installments and subscriptions, and offer your customers direct debit and standing order-style payment arrangements. These payments can be for fixed and variable amounts.
A recurring transaction is one that is repeated on a regular basis, for example, weekly or monthly magazine subscriptions. All recurring transactions are based on the card details entered for the initial shopping transaction. You do not need to re-enter the card details for each recurrence, since a reference transaction is used. The amount and the initial transaction number are all that is required to re-bill the account. You do not need to maintain sensitive payment information on the your system.
Security Code
This security device is also referred to by card issuers as card verification value, Security Code, CVV, CVV2 and CVC.
The security code is a three or four digit security number printed on the front or back of credit cards. The number is difficult for fraudsters to reproduce. It is also difficult to steal, because merchants are not permitted to store the number on their systems.
Settlement
Settlement, also referred to as remittance, happens when money you've made from transactions is paid into your bank account. Before we make payment, we'll deduct the relevant charges and make any refunds.
For those with a WorldPay internet merchant account, we make these payments every week, four weeks in arrears. The settlement period for those whose internet merchant account is with another bank (BankDirect) varies according to agreements with your bank.
Shopping Cart
Shopping cart software, also referred to as a storebuilding solution, is used to sell your services and products from your website.
A wide selection of the leading shopping carts integrate with the WorldPay payment system, which makes it easy for you to build an internet site for selling products.
User Authentication
User authentication is offered by the major card schemes, Visa and MasterCard.
Referred to as Verified by Visa? and MasterCard SecureCode?, authentication requires the cardholder to enter a PIN over a secure connection with the credit card issuer. Once authenticated, the cardholder can proceed with the purchase.
Verified by Visa
Verified by Visa permits cardholder authentication on multiple platforms, including WAP-enabled mobile phones. Billing and personal information taken from enrolled cardholders is used to generate a password, which the member than uses to identify himself when making an online purchase.
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