Payments Glossary
A complete reference of payments terms from participant types to transaction processes.
Net Settlement
Net settlement is when merchants receive payment proceeds minus all fees in a single disbursement.
Acquirer
An acquirer is the licenced bank that holds the merchant account and assumes liability for card transactions.
Dispute Management
Dispute management covers the full process of responding to and resolving card transaction disputes through scheme-defined workflows.
PSD2
PSD2 is the EU directive that introduced Strong Customer Authentication and open banking obligations for payment services across the EEA.
GDPR in Payments
GDPR applies to the personal data collected and processed in payment transactions, including cardholder names, addresses, and device identifiers.
API Integration
API integration in payments connects a merchant's application directly to a payment platform for full checkout control.
NACHA
NACHA governs the ACH network in the US, setting operating rules for all ACH transactions.
Batch Processing
Batch processing groups captured transactions for daily submission to card networks for clearing and settlement.
Open Banking
Open banking provides licenced third parties with API access to bank accounts for data and payment initiation.