1. ACH (Automated Clearing House):
A network that processes electronic bank-to-bank payments, such as direct deposits or bill payments.

2. Authorization:
The process of verifying a customer’s credit/debit card details and approving a transaction.

3. Batch Processing:
Grouping multiple transactions together to be processed at once—typically at the end of the business day.

4. Chargeback:
A transaction dispute initiated by the cardholder, resulting in a reversal of funds from the merchant’s account.

5. CVV (Card Verification Value):
A 3- or 4-digit number on a credit/debit card used to enhance transaction security.

6. EMV (Europay, Mastercard, and Visa):
A global standard for chip-based credit/debit card transactions, offering improved fraud protection.

7. Gateway:
A technology that connects your website or POS system to the payment processor to authorize online transactions.

8. Interchange Fee:
A fee paid by the merchant’s bank to the cardholder’s bank for each credit or debit card transaction.

9. Merchant Account:
A type of business bank account that allows a company to accept and process card payments.

10. Mobile Payments:
Payments made using smartphones or tablets via digital wallets like Apple Pay, Google Pay, or mobile apps.

11. NFC (Near Field Communication):
Technology that enables contactless payments when two devices (like a phone and terminal) are near each other.

12. PCI Compliance (Payment Card Industry Compliance):
Security standards that businesses must follow to safely process, store, and transmit credit card information.

13. POS (Point of Sale):
The system used to process customer transactions in-store, including hardware and software components.

14. Tokenization:
A security method that replaces sensitive payment data with a random string (token) to prevent fraud.

15. Virtual Terminal:
A web-based application that allows businesses to accept payments by manually entering card details, usually for phone or remote sales.