This glossary contains general terms used across the payments industry, plus some terms that are specific to Paysafe.
Term for cardholder authentication, offered by schemes such as Visa, Mastercard and Amex to verify the identity of a customer during an online transaction.
An identifier used in HTTP requests. Log in to the Back Office to retrieve it (choose Accounts and copy it from the Account column).
An acquiring bank (or acquirer) is the bank or financial institution that processes credit and or debit card payments for a merchant.
This service validates the billing address provided by the customer on the payment against the billing address registered with the customer's bank or credit card. Typically, only the numbers in the first line of the address and postcode are verified and the result is returned to the merchant. (only available in the US, Canada and UK).
Local payment method specific to a country or region, or method that is not a traditional international credit or debit card type of payment.
A key used to authorize and authenticate transactions. Log in to the Back Office to retrieve your API Key User name and Password (choose Settings > API Key); the password is also available Base64 encoded. The API key you use in HTTP requests is created by concatenating your User name and Password, separated by a colon, i.e. Username:Password.
Security checks performed to verify the identity of a customer, merchant, website or entity. For example: Cardholder authentication checks such as 3D Secure and website authentication via SSL certificates.
Also known as pre-authorization. Process where the merchant can send a request to the banking network via Paysafe to verify that the card is valid and that the funds requested can be taken from the card.
Administrative system merchants can use to manage their Paysafe transactions, view payments, process refunds, make payments and generate reports.
A group of approved credit card transactions, accumulated during one business day (weekends and official/bank holidays excluded).
The authorization of transactions offline when immediate approval is not required. Transactions are collected in a batch and sent as one transmission for Authorization and/or Settlement.
A unique series of numbers which identifies an institution in transaction processing. The BIN comprises the first six digits of a standard debit or credit card number.
Request to cancel a transaction. This is only possible before you have captured the payment or until the preauthorization expires. It can be for a partial amount.
The customer or online shopper whose card is used during an online purchase.
In online transactions, where the customer is not physically present, certain payment methods, such as Visa, Mastercard and Amex, provide an alternative means for verifying the customer’s identity. Typically, the customer is asked to provide a unique password or other identifying information during the online transaction. See also 3D Secure and Authentication.
Bank or card scheme that issues the customer’s payment card.
Card association such as Visa, Mastercard, Discover, American Express, Diners Club and JCB.
CVV is a three digit code printed on the back of Visa, Mastercard and Discover cards and a four digit code printed on the front for American Express. Also known as CVV2, CV2 and CSC (Card Security Code).
The return of funds, previously authorized in a transaction, to a customer, which is initiated by the issuing bank. Also refers to the reversal of a prior outbound transfer. A chargeback applies when customer contacts their Card Issuer to dispute a transaction. In this case, the card issuer or bank may request that the money be paid back directly by Paysafe.
UTC is the time standard commonly used across the world.
A type of payment card that allows customers to pay for goods and services using funds that are loaned. The loan must be paid back within a specified period. Interest is typically charged on the balance after a grace period (typically 20-55 days). Examples: Visa, Mastercard, Diners and Amex. See also Debit card.
Process in which the merchant can send a request to the banking network via Paysafe for authority to take payment for an online transaction.
A type of payment card that provides customers with instant access to funds in their bank account. In contrast to a Credit card payment, payments using a debit card are immediately taken from the customer’s account, instead of being paid back at a later date. So, the customer must have sufficient funds in their account or an agreed overdraft limit to cover the payment.
A response from the Card Issuer denying the use of the card for the attempted transaction. If a request for approval is declined, the merchant must ask the cardholder for another form of payment.
Organization that took over the role of the Financial Services Authority (FSA) in regulating the activities of financial organizations operating in the UK.
Originally adopted by the European Committee for Banking Standards (ECBS), and later adopted as an international standard under ISO 13616:1997. The current standard is ISO 13616:2007, which indicates SWIFT as the formal registrar. Initially developed to facilitate payments within the European Union, it has now also been implemented by most European countries and many other countries, especially in the Middle East and in the Caribbean.
3-digit country code of the International Standards Organization (ISO) that identifies the country. For example, GBR for United Kingdom. ISO country codes also exist in a 2-digit format.
3-digit currency code of the International Standards Organization (ISO) that identifies the currency. For example, GBP for British Pound.
For transactions where the customer is authenticated via 3D Secure, the merchant may be protected from Chargeback involving identity fraud.
Cardholder authentication method used by Mastercard to verify the identity of a customer during an online transaction. See also 3D Secure.
Paysafe customer (legal or natural person) using their Paysafe solution to receive payments for products or services they provide.
A number used to identify a merchant within an HTTP request. Retrieve the number from the Merchant Back Office.
Administrative system merchants can use to manage their Paysafe transactions, view payments, process refunds, make payments and generate reports. The Back Office is also where you find your API Key User name and Password, and your Merchant Account Number.
On the Paysafe Payment Platform, a merchant may be configured with multiple merchant IDs set up for different channels.
A merchant identifier, provided by the Acquirer, used to uniquely identify a merchant within the banking network when a transaction is processed.
Process of signing up and verifying a merchant. This involves a number of teams in Paysafe , including sales and risk and compliance. On the payment processing side, this process is coordinated by a dedicated onboarding team.
Paysafe team responsible for providing technical and service support to merchants.
Unique financial record on the system. A payment may consist of multiple Transactions.
System used for the processing of e-commerce transactions.
Service provider enabling merchants to accept e-commerce payments.
Token returned from the Paysafe Payment Platform. The token enables repeat transactions on a card, without requiring the customer to re-enter their card details again.
Paysafe ’s system for the processing of e-commerce payments.
The Payment Card Industry Data Security Standard (PCI DSS) is a security standard for organizations that handle cardholder information. Merchants who collect and store cardholder information must be PCI compliant. Merchants who collect and store cardholder information must comply with minimum standards to ensure that sensitive customer financial information is stored securely. The standard covers both systems and business processes in place within an organization.
A transaction in which the payment system is waiting for a confirmation, an input or customer action.
A request made by Paysafe to the Card Issuer to confirm that the customer has sufficient funds in their account for a credit card transaction. The funds are typically reserved, so that they will be available when the Debit or Capture request is made.
Payment card number of 14 or 16 digits embossed on a bank or credit card and encoded in the card's magnetic strip. The PAN identifies the issuer of the card and the account, and includes a check digit as an authentication device.
Option to pay money back to a customer, which can be done using the API or Merchant Back Office.
The refund has to be referenced to the original payment and can only be up to that amount. Paysafe enables partial or full amount refunds.
A retrieval request or a Request for Information (RFI), is raised by a credit card issuer when a cardholder disputes a transaction on their statement, for example, because they do not recognize the transaction or if it was a fraudulent transaction made without their permission.
When funds authorized by the Card Issuer or customer’s bank are transferred to the merchant's account.
Feature that enables repeat payments without requiring the customer to provide their card details again for subsequent payments.
Each financial interaction with the Paysafe Payment Platform is referred to as a transaction. Transactions are linked to payments.
Unique ID assigned to a transaction by the Paysafe Payment Platform.
Each transaction on the Paysafe Payment Platform is given a status. This includes: processed, pending, temporary, scheduled, cancelled, failed, chargeback and successful.
Cardholder authentication method used by Visa to verify the identity of a customer during an online transaction. See also 3D Secure.