In an attempt to prevent the professional language from being too complicated for our customers, we try not to use too many specialized terms and abbreviations when we are communicating with them. However, understanding of some key concepts is really essential for a person, who needs to talk to a payment processing specialist about specific processing-related issues.
If the discussion participants use the same concepts and terms, they have more chances of understanding each other properly. This point is particularly important if one of the parties is a customer, whose needs the other party has to fulfill. How about a little merchant services ABC?
Specialized Terms and Abbreviations
We’d like to offer a small vocabulary, including a few concepts, essential for any participant of online payment processing chain:
Merchant. A merchant may denote simply a company from your neighborhood. However, sometimes, a merchant can be a company, selling goods or services online, a charity, or just a person who, again, sells some product to the clients. Any individual, business, or entity, that accepts debit card payments and credit card payments can be called a merchant.
Merchant services. The all-encompassing concept of merchant services embraces a large scope of financial services, allowing companies to accept payment cards, both debit and credit, as well as process ACH (automatic clearing house) transactions and deal with other payment types. The merchant services industry is ideally focused on making it as easy and affordable as possible for businesses to accept the payment types that their customers use.
Quite a lot of PSPs and merchants partner with Open Source Payment Gateway. Maybe, you can benefit from becoming one of them. Contact us, and we will gladly introduce you to the payment solutions, allowing you to occupy your rightful place in the merchant services industry.