Payments Glossary
A complete reference of payments terms from participant types to transaction processes.
Account Takeover
Account takeover fraud occurs when attackers gain access to customer accounts and use stored payment credentials for unauthorised transactions.
Gross Settlement
Gross settlement is when merchants receive full transaction proceeds with fees invoiced separately rather than having fees deducted at disbursement.
Authorisation Rate
Authorisation rate measures the percentage of card payment requests approved by the issuer.
Strong Customer Authentication
Strong Customer Authentication requires two-factor verification for electronic payments under PSD2.
Payment Switch
A payment switch routes transaction messages between acquirers, issuers, and card networks based on real-time conditions.
Issuer
An issuer is the financial institution that issues payment cards and approves or declines every authorisation request.
API Integration
API integration in payments connects a merchant's application directly to a payment platform for full checkout control.
Velocity Check
A velocity check monitors transaction rate by card, IP, or device to detect fraud patterns.
Acquiring Agreement
An Acquiring Agreement is the merchant-acquirer contract defining pricing, settlement, reserves, and liability for card acceptance