Pay-in refers to the deposit or transfer of funds into a bank account, payment account, investment account, or financial system. The term commonly describes incoming payments, account funding activities, or cash deposits made by individuals or businesses. Financial institutions, payment...

PAN (Primary Account Number) The primary account number or payment card number is a card identifier. One can find it on the payment card. This unique card identifier commonly consists of 14, 15, or 16 digits. Sometimes, the primary account...

Open Access Network (OAN) What is Open Access Network (OAN)? The OAN stands for the main physical network infrastructure. Numerous providers handle it to bring services to users.In OAN, the owner doesn’t provide services for the network, because they are...

An open source e-commerce platform is a software solution that allows businesses to build, manage, and customize online stores using publicly accessible source code. Merchants and developers can modify the platform’s functionality, integrations, design, and operational features according to specific...

The on-demand economy is an economic model in which digital platforms connect consumers with service providers who can deliver goods or services immediately or within a short time. These services are typically accessed through websites or mobile applications. Common examples...

Omnichannel What is Omnichannel? Omnichannel defines the content strategy which companies apply in order to better the user experience.It signifies that there is a combination of distribution, and promotion along with communication channels on the back end. It is based...

Offline Card Transaction What is Offline Card Transaction? Offline card transaction is a type of transaction when the person uses a credit/debit card to transfer money. The transaction goes the trader’s account from the checking via credit card processing network....

An NFC sticker is a small tag that contains a Near Field Communication (NFC) chip and antenna used to store and transmit information to compatible devices. These stickers can be placed on objects or surfaces and allow smartphones or other...

Near Field Communication (NFC) Technology What is Near Field Communication (NFC) Technology? The near field communication (NFC) is a contactless technology. It allows customers to pay for goods/services by placing the cell phone near the other tools (terminal, phone, and...

NACHA File Format What is Nacha File Format? NACHA file format is one of the most popular types of payment files. A NACHA file allows to execute domestic ACH payments through the Automated Clearing House Network.  NACHA file looks like...

A mobile wallet is a digital payment application that stores payment information on a smartphone or other mobile device. It allows users to pay for goods and services electronically without using physical cash or payment cards. Mobile wallets store digital...

Mobile payment refers to a method of paying for goods or services using a mobile device such as a smartphone or tablet. These payments are typically processed through mobile applications, digital wallets, or contactless technologies that allow users to complete...

A mobile checkout solution allows customers to complete purchases using their smartphones without going through a traditional checkout counter. By scanning a product barcode with a mobile device, customers can review product details and pay directly through a digital payment...

Mobile Card Reader What is Mobile Card Reader? Mobile Card Reader (MCR) is a small tool that can be linked to the phone or the tablet in order to obtain the payment from the holder’s credit card. The device can...

Minimum Required Reserves (MRR) What is Minimum Required Reserves (MRR)? Minimum Required Reserves defines the requirement for the clients to have a particular sum of money as reserves on their actual accounts in the financial establishments. The term commonly appears...

The MICR Number Method refers to the use of Magnetic Ink Character Recognition (MICR) technology in banking to process and verify cheques efficiently. MICR uses special magnetic ink and standardized fonts to print numbers and characters on financial documents so...

Merchants’ Positive Lists What is Merchants Positive Lists? The vendors usually don’t want to have a deal with customers if the process of payment is complicated or even if during this process some fraudulent actions from the customer been noticed...

Merchants’ Negative Lists What is Merchants Negative Lists? Merchants’ Negative Lists are the lists created by the merchants in order to mark the clients with whom the merchants experience some problems. In this meaning, the list involves the structure designed...

Merchant Service Charge (MSC) What is Merchant Service Charge (MSC)? Merchant Service Charge is a fee paid by the merchant to the acquiring financial organization. This fee is influenced by a wide range of aspects. Among these aspects are regulated/...