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Acquiring Bank
The bank where the merchant holds an account. It 'acquires' or accepts payments made through debit cards, credit cards etc, on behalf of the merchant.
Annual Maintainace Cost(AMC)
Providers of various products and services give their clients continued support of service in terms of regular checks, maintenance and upkeep of the product/service. The charges are a fixed sum for an entire year and usually cover a number of services that the provider will be responsible for.
Indian Financial System Code(IFSC)
Indian Financial System Code is an 11-character code assigned to all banks conducting electronic payments. The first four represent the bank, the fifth is a default 0, which acts as a placeholder, and the last six represent the branch of that bank. The IFSC code eases transfer of funds as well as routing of messages to the destination bank branches.
Issuing Bank
This is the bank that issues a card to the customer. This may be a Credit Card or a Debit Card of Visa, Master Card etc.
Master Card Secure Code
Secure Code is a private code that prevents unauthorized use of your card. Organizations which participate with MasterCard Secure Code are certified by MasterCard against unauthorized transactions on their websites.
Merchant Information System (MIS)
Merchant Information System is a facility where the merchant can login to access details of the account he holds with the payment gateway. One can view all transactions, their statuses, order numbers, gateway types etc. Merchant can also get detailed reports of the amount which is settled on T+2.
Merchant Service Fee/ Transaction Discount Rate (MSF/TDR)
Merchant Service Fee or Transaction Discount Rate refers to the charges paid by the merchant to the service provider. This is on a per-transaction basis, where a percentage of the transaction amount is paid to the provider for the service availed.
Payment Aggregator
A payment aggregator is the same as a payment gateway. Please refer below to the below point.
Payment Gateway
Facilitates payments for online transactions. These payments are made using credit cards, debit cards and net banking. A payment gateway acts as an interface between the customer and his bank and the merchant and his bank.
PCI-DSS
Payment Card Industry-Data Security Standard is set by the PCI Security Standard Council. It helps organizations, which accept and process card payments, to prevent fraud and theft. It sets in place controls and compliance measures that are certified and then assessed annually by the organization.
Real Time Gross Settlement (RTGS)
Real Time Gross Settlement, contrary to NEFT, facilitates instant settlement of funds and is managed by the Reserve Bank of India (RBI). There is no bunching of transactions and hence there is no waiting period in RTGS. Yet, this system can only be used for amounts of more than Rs. 1,00,000.
Reverse Chargeback or Chargeback Reversal
When a chargeback is raised by a customer's issuing bank, we request for Proof of Delivery/Service from the merchant for that particular transaction. This proof is forwarded to our acquiring bank, which then sends it to the customer's bank (issuing bank). If the issuing bank accepts this Proof of Delivery, and if there is any debit already posted to merchants account then the debited amount will be refunded to the merchant account within 75 days of the chargeback.
Staging/Testing Environment
The integration of a payment gateway is said to be in the testing or staging environment when it is not ready for commercial usage. Here, the merchant/developer can test transactions and smoothen errors occurring in integration, if any.
Third Party Payment Processor
A third party payment processor is the same as a payment gateway.
Transaction Response
A message generated at the end of every "Successful" or "Failure" transaction when the customer is re-directed to the merchants website.
Verified by Visa
A service by Visa to safeguard its card users against unauthorized and fraudulent transactions on the Internet. When a customer visits the website of a participating Verified by Visa merchant, Visa identifies the card as one protected by Verified by Visa. The user can then safely transact online using his card.
VeriSign
Verisign provides Internet infrastructure to digital service providers across the globe. It assists in secure communication and data transfer by providing digital certificates, authentication and other services.
What are DTMF tones?
DTMF (dual tone multi frequency) is the signal to the phone company that you generate when you press an ordinary telephone's touch keys. These signals are used on IVRS to capture Credit Card number and other details.
What is an IVR Payment system?
It is an Interactive Voice Response System that is built to request a credit card number from the user at a specific point in the flow and allows you to charge the consumer's credit card.
What is an OTP for IVR payments?
As per guidelines given by Reserve Bank of India (RBI), It is mandatory for all Merchants to collect and all Banks to provide One Time Password (OTP) for all transactions made with Credit Card through Telephone or Interactive Voice Response (IVR) to / from its customers. This OTP will be a single use password that expires immediately after the transaction is processed and will have expiry time of about 12 hours if the transaction is not processed. (Varies from bank to bank).
 

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