Every business owner needs to know about payment processing terms and concepts. Here are five payment processing terms and definitions to help you crack the code!
Batch
When you have multiple transactions that need to be processed, they are bundled together and settled as a single transaction by the processor. This is known as a batch.
Card Present Transactions
Card present transactions are transactions made when the card is physically present at a business location. They are generally swiped, inserted, or tapped at a terminal.
Card Not-Present Transactions
Card-not-present transactions occur when the card is not physically present and often require additional information. These transactions are generally completed over the phone or online.
Gateway
The gateway is the component of the payment processor that connects to your business’s payment platform to facilitate the transaction process. The gateway works with the processor to manage how data is encoded, transmitted, and stored securely for processing.
Point of Sale
Point of Sale (POS) refers to the physical location where a transaction is completed, and payment is made. Depending on your business and industry, this could be anything from a mobile app to a physical terminal plugged into the wall.
What businesses haven’t been told is that there are steps you can take to get lower pricing. It doesn’t matter how big or small your business is – if you take business credit cards, you can qualify for better rates. B2B transactions don’t have to cost more.
Get the credit card processing services you need to succeed and grow! Contact your eTreem expert today to learn more about our B2B payment processing and reducing high credit card transaction fees.