Category: Payment Processing

A partial authorization is a type of financial transaction in which the cardholder's issuing bank approves only a portion of the total transaction amount. This may occur when the cardholder does not have sufficient funds available to cover the entire purchase amount, or when the merchant's terminal is unable to...

Card-not-present (CNP) transactions are those that occur when the cardholder and merchant are not physically present with one another. This can happen when a customer makes an online purchase, over the phone, or through mail order. In these cases, the cardholder’s information is entered into the merchant’s system, and the...

EBT (electronic benefits transfer) is a system that allows the government to distribute benefits, such as food stamps and welfare payments, through a digital network. This allows beneficiaries to access their funds electronically, rather than having to receive paper checks. The EBT payment processing system is responsible for transferring these...

A mobile payment processing service is the one that allows you to make payments through your smartphone. This way, it uses point-of-sale (POS) terminals in order to process these payments. In this case, when a purchase is made, the transaction amount is deducted from the customer's account and added to...

Merchant category codes, or MCCs, are a 4-digit numeric value that is assigned to a business for the purpose of classifying its primary line of business. The North American Industry Classification System (NAICS) was established by the federal government to provide a common language for industry coding and standardization in...

Merchant Account providers offer a payment solution that allows you to accept credit cards and debit card payments from your customers. Although this seems like a simple concept, there is actually a ton of stuff that goes into becoming an authorized merchant. This often leads people (especially those who are...

A third-party payment processor is a financial institution or company that helps online businesses store and process their customers' credit card information. They do this to facilitate one-time and recurring payments for products and services. This helps your business avoid having to store the sensitive information, which can lead to...

An average medical practice can expect its overhead cost to be around 60%. More patients are having to pay high deductibles when visiting their doctors instead of the insurance company paying a majority of the service cost. Having patients pay for more of the service results in late payments or...