Payments glossary
31 cross-border payments terms, defined plainly.
31 terms
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A
- A2A paymentsPayments that move money directly from one bank account to another, without a card network.
- Account updaterA service that refreshes stored card details when a card is reissued, renewed or replaced.
- AcquirerThe bank or licensed institution that processes card payments on behalf of a merchant.
- AuthorisationThe issuer's decision to approve or decline a payment request.
B
C
D
- DAP (Delivered at Place)An Incoterm under which the seller delivers goods and the buyer pays import duties and taxes.
- DDP (Delivered Duty Paid)An Incoterm under which the seller pays all duties and taxes, so the buyer pays nothing on delivery.
- De minimisThe value below which an import is exempt from duties, taxes or both.
F
H
I
K
L
M
N
P
S
- Scheme feesFees charged by the card networks for using their infrastructure.
- SettlementThe transfer of funds from the acquirer to the merchant for captured transactions.
- Settlement currencyThe currency in which a merchant receives funds from its payment provider.
- Smart routingChoosing the acquirer or network path for each transaction based on the likely outcome and cost.
- Soft declineA decline that may succeed if the payment is retried, possibly with changes.
- Strong customer authentication (SCA)A European requirement that electronic payments be authenticated with two independent factors.