Payment Service Provider (PSP)
A company that specializes in the provision of payment services for a Merchant on the Internet. The PSP will handle the capture, authorization and settlement of credit and debit card payments and all the electronic and physical security required. They will often provide additional services such as fraud detection and prevention.
Personal Identification Number (PIN)
A number that must be entered by a Cardholder in order to complete certain types of Transactions (e.g., Online, Debit and EBT).
Per Transaction Fees
Fees paid by the Merchant to the Merchant Bank or other contracted party on a per transaction basis.
Point-of-Sale (POS)
Location in a merchant establishment at which the sale is consummated by payment for goods or services received.
Point-of-Sale (POS) System
A system that processes commercial transactions such as an credit card terminal, electronic cash register, or specialized software.
Pre Authorized Order
A written or electronic authorization by a Cardholder allowing a Merchant to charge their Card at a future date.
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