The Payments Wikipedia
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Dynamic Currency Conversion(DCC)
Dynamic Currency Conversion(DCCDynamic Currency Conversion (DCC) Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) Allows shoppers to convert the transaction amount to their card’s default currency when making a payment abroad. The shopper is presented with the choice to convert the transaction amount, when the transaction is in a currency other than the default configured on…
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MCC High Risk
Merchant Category CodeMCC MCCs are determined by card networks like Visa, MasterCard and American Express, who use it to decide how much to charge the businesses for accepting credit card payments (interchange fee). MCC Codes (or merchant category codes) are assigned to merchant accounts during the set up process and are used to differentiate between types…
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IBAN vs. SWIFT BIC Codes | 101
Are you trying to make an international money transfer? Then you’ll need to know what IBAN and SWIFT BIC codes are and where to find them. IBAN vs. SWIFT codes are both internationally recognized for identifying bank accounts when a transfer is being made. The specific identifier required depends on the countries involved, as well…
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Payments Gateway vs PSP
A payment service provider (PSP) is the broad industry term used to describe companies that provide a turnkey solution to allow merchants to accept payments online without having to set up their own dedicated merchant account. PSPs operate a single merchant account and offer individual merchants sub accounts which makes it very quick to onboard…
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Card Issuers
What are credit card networks? The role of a card network is to facilitate transactions between merchants and card issuers. To do this, card networks create virtual payment infrastructures and charge merchants interchange fees for processing consumers’ credit or debit card transactions. The four major credit card networks are Mastercard, Visa, American Express and Discover.…
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Mastercard’s Chargeback and Fraud Monitoring Programs
Mastercard’s chargeback monitoring program is called the Excessive Chargeback Program (ECP). It contains two tiers of program thresholds (CMM and ECM) and your account will fall into one or the other, depending on the severity of the chargeback issue. Just as with their fraud program, the goal of this program is to reduce chargebacks —…
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Visa Dispute Monitoring Program (VDMP)
Visa Dispute Monitoring Program (VDMP). This went into effect October 1, 2019. For the Visa Dispute Monitoring Program, what has historically been called “first chargeback” is now referenced as “dispute.” Overview Visa implemented their chargeback and fraud compliance programs to mitigate excessive disputes and fraud activity. Ultimately, Visa expects merchants to maintain low chargeback and…
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Choosing DCC Providers
Coverage: When you evaluate DCCDynamic Currency Conversion (DCC) Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) Allows shoppers to convert the transaction amount to their card’s default currency when making a payment abroad. The shopper is presented with the choice to convert the transaction amount, when the transaction is in a currency other than the default…
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Soft and Hard Credit Card Declines
Credit card declines can happen for a lot of different reasons—bad timing, compatibility issues, bad communication—even fraud. But the trick to both declines and rejections is knowing when to try again and when to let it go. A credit card decline is when, for whatever reason, a credit card payment cannot be processed. It can…
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American Express Card – 3 Three-party scheme
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse/e-wallet, ATM, and POS cards and associated businesses. Card Schemes: The card schemes come in two main varieties – a three-party scheme (or closed scheme) or a four-party scheme (or open scheme). Three-party scheme A three-party scheme consists of three main parties In this model,…
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Dynamic Currency Conversion(DCC)
Dynamic Currency Conversion(DCCDynamic Currency Conversion (DCC) Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) Allows shoppers to convert the transaction amount to their card’s default currency when making a payment abroad. The shopper is presented with the choice to convert the transaction amount, when the transaction is in a currency other than the default configured on…
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MCC High Risk
Merchant Category CodeMCC MCCs are determined by card networks like Visa, MasterCard and American Express, who use it to decide how much to charge the businesses for accepting credit card payments (interchange fee). MCC Codes (or merchant category codes) are assigned to merchant accounts during the set up process and are used to differentiate between types…
-
IBAN vs. SWIFT BIC Codes | 101
Are you trying to make an international money transfer? Then you’ll need to know what IBAN and SWIFT BIC codes are and where to find them. IBAN vs. SWIFT codes are both internationally recognized for identifying bank accounts when a transfer is being made. The specific identifier required depends on the countries involved, as well…
-
Payments Gateway vs PSP
A payment service provider (PSP) is the broad industry term used to describe companies that provide a turnkey solution to allow merchants to accept payments online without having to set up their own dedicated merchant account. PSPs operate a single merchant account and offer individual merchants sub accounts which makes it very quick to onboard…
-
Card Issuers
What are credit card networks? The role of a card network is to facilitate transactions between merchants and card issuers. To do this, card networks create virtual payment infrastructures and charge merchants interchange fees for processing consumers’ credit or debit card transactions. The four major credit card networks are Mastercard, Visa, American Express and Discover.…
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Mastercard’s Chargeback and Fraud Monitoring Programs
Mastercard’s chargeback monitoring program is called the Excessive Chargeback Program (ECP). It contains two tiers of program thresholds (CMM and ECM) and your account will fall into one or the other, depending on the severity of the chargeback issue. Just as with their fraud program, the goal of this program is to reduce chargebacks —…
-
Visa Dispute Monitoring Program (VDMP)
Visa Dispute Monitoring Program (VDMP). This went into effect October 1, 2019. For the Visa Dispute Monitoring Program, what has historically been called “first chargeback” is now referenced as “dispute.” Overview Visa implemented their chargeback and fraud compliance programs to mitigate excessive disputes and fraud activity. Ultimately, Visa expects merchants to maintain low chargeback and…
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Choosing DCC Providers
Coverage: When you evaluate DCCDynamic Currency Conversion (DCC) Dynamic Currency Conversion (DCC) or Cardholder Preferred Currency (CPC) Allows shoppers to convert the transaction amount to their card’s default currency when making a payment abroad. The shopper is presented with the choice to convert the transaction amount, when the transaction is in a currency other than the default…
-
Soft and Hard Credit Card Declines
Credit card declines can happen for a lot of different reasons—bad timing, compatibility issues, bad communication—even fraud. But the trick to both declines and rejections is knowing when to try again and when to let it go. A credit card decline is when, for whatever reason, a credit card payment cannot be processed. It can…
-
American Express Card – 3 Three-party scheme
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse/e-wallet, ATM, and POS cards and associated businesses. Card Schemes: The card schemes come in two main varieties – a three-party scheme (or closed scheme) or a four-party scheme (or open scheme). Three-party scheme A three-party scheme consists of three main parties In this model,…
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