Chargeback It is a nightmare for every credit card owner to discover that they haven’t made a particular payment on their credit card statement. The question here is whether it is either credit card misuse or an oversight by the financial institution. To protect the credit card holder, financial institutions have introduced the so-called “chargeback” […]

The Merchant Merchant literally means a trader. In a broader sense, it means a person who trades certain goods and products. However, in a narrow sense, a merchant is an online retailer who has entered into a credit card acceptance agreement with an acquirer to enable his customers to pay via credit card. A merchant […]

Direct debit Direct debit is a procedure for cashless payment transactions. The payee instructs the payer’s bank to debit a certain amount and credit it to the payer’s account. The payee determines the amount. There are two parties involved in direct debit payment method: the payee’s financial institution (also referred as the “first collection agency”) […]

AVS (Address Verification Service) Customers are increasingly becoming victims to credit card fraud. To prevent this, there are numerous systems and standards that ensure high level of security for payments on the Internet. One such method is the AVS (Address Verification Service). Any merchant offering credit card payment can use AVS to significantly reduce the […]

Authorization In cashless payments, the term “authorization” stands for the approval of a financial transaction. In a typical transaction, they must be checked and finally approved by the respective credit institution or payment provider. The check serves to ensure that the customer’s account can be debited for the respective amount, and there are no other […]

Purchase on Invoice In Germany, purchase on invoice is the most popular payment method in the online medium. Customers are happy to pay through invoice; it offers them an option to postpone payment for a few days and grants them security. Especially for first-time orders or in stores without a rating system yet, invoice payment […]