Printable versionGlossary
ACH Payments - an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions, which are originated in batches.
DCC - see ‘Dynamic Currency Conversion’
Dynamic Currency Conversion - is a financial service, often referred to as ‘DCC,’ in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. This is currently available on Visa and MasterCard credit cards. Planet Payment’s DCC service is called Pay in Your Currency.
Ecommerce Payment Gateway - an e-commerce application service provider that authorizes payments for e-businesses, online retailers, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. A payment gateway protects credit card details by encrypting sensitive information such as credit card numbers, to ensure that information passes securely between the customer and the merchant and also between merchant and payment processor. To learn more about our Ecommerce Payment Gateway solution, visit our iPAY Gateway section.
FX Assured - With FX Assured, cardholders that optimize in for Dynamic Currency Conversion at participating merchants receive an individualized exchange rate, which is calculated to be better than the effective rate charged by their issuing bank. FX Assured marks-up individual transactions in real time using Planet Payment’s patent-pending technology.
Merchant Account - A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account also serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.
MCP - see ‘Multi-currency Pricing’
Multi-Currency Pricing - Multi-Currency Pricing is a multi-currency payment solution that enables merchants to set personalized pricing for international cardholders when they pay using a MasterCard® or Visa® credit card. Merchants settle in their customer’s local currency, while receiving settlement and funding in their own currency. Multi-Currency Pricing can be used in both card-present and card-not-present implementations.
Pay in Your Currency - Pay in Your Currency is the product name for Planet Payment’s Dynamic Currency Conversion service
Payment BuyVoice - Payment BuyVoice is a mobile payment acceptance solution that lets merchants securely accept credit cards using their cell phone. This is accomplished without a terminal or additional software downloads. Merchants can process payments using any telephone at hand.
PS Portal - see ‘Virtual Terminal’
Recurring Billing - A billing service that lets customers set up recurring payments that automatically debit their credit or debit cards.
Shop BuyVoice - A mobile payment service that enables lets consumers pay for both digital and physical products using their cell phone – without having to swipe, manually enter or say their credit card numbers. Shop BuyVoice utilizes secure, state-of-the-art- voice biometrics to identify its registered customers and to protect their data.
Virtual Terminal - Allows you to manually process credit card transactions from any computer with an Internet connection. With a virtual terminal merchants can manually enter credit card transactions for mail or phone order sales, refund money to a customer’s credit card, automatically bill customers for recurring charges, check the status of transactions and capture previously authorized transactions.
Voice Biometrics - A voice biometric is a numerical model of the sound, pattern and rhythm of an individual’s voice. A voice biometric or “voice print,” is as unique to an individual as a finger or palm print. Planet Payment utilizes voice metrics in its Shop BuyVoice service.
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