Payments Glossary
A complete reference of payments terms from participant types to transaction processes.
Void
A payment void cancels an authorised transaction before settlement, releasing the cardholder's authorisation hold without any fund movement.
KYC
KYC in payments is the identity verification and due diligence process required before establishing a payment relationship.
Card Scheme Rules
Card scheme rules are the regulations published by Visa and Mastercard that govern all payment participants.
Chargeback Ratio
Chargeback ratio measures the percentage of transactions resulting in disputes and is monitored by card networks against published thresholds.
Dispute Management
Dispute management covers the full process of responding to and resolving card transaction disputes through scheme-defined workflows.
Webhook
A payment webhook delivers real-time event notifications to a merchant's server when a transaction status changes.
Merchant Category Code
A Merchant Category Code classifies a business for card network interchange rate and compliance purposes.
Chargeback Fee
A chargeback fee is the administrative charge levied by acquirers on each dispute filed, regardless of outcome.
PCI DSS
PCI DSS is the security standard that governs how payment card data must be protected across all entities in the payment chain.