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Payments 101

Your guide to understanding payments and the payment ecosystem

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Payment gateways are software and servers that transmit transaction data to Acquiring Banks and responses from Issuing Banks. In essence, payment gateways facilitate the communication between banks. Payment gateway technology varies for e-commerce and brick and mortar merchants. Though the two may be constructed differently, the transaction process is still the same....

The PCI DSS (Payment Card Industry Data Security Standard) is a set of standards that are put in place to ensure that all companies accept, process, store, and/ or transmit cardholder data (i.e., credit card information) in the safest possible manner. The PCI DSS is run by the PCI Security Standards Council, which is an independent body founded by the five largest credit card companies. ...

EMV chip cards help protect merchants and consumers by making it very difficult to create a counterfeit card, or to use a lost or stolen card in card-present transactions. In addition to processing EMV chip cards, your EMV-enabled terminals can also accept payments from mobile devices equipped with a “digital wallet” such as Apple Pay or Google Wallet. ...

U.S. retail and restaurant owners and operators have a big opportunity to improve security at the point of sale with EMV technology, a global standard for credit and debit payment cards based on chip card technology. It ensures that the card is authentic and belongs to the customer using it....

Compared to the legacy point of sale (POS) systems of the past that merely completed an order from a standalone terminal, today’s modern POS system can do so much more. From processing chip cards through mobile POS devices all the way to sending sales data to other software, the modern POS system can really do it all for your business....

While there is little doubt that accepting credit cards can boost sales, many small businesses still refuse to accept them. The most common reason most merchants give for refusing to take credit cards is the fees....