The following is the second installment of the best payment gateway in the India dictionary. Before proceeding with the payment gateway and payment processing terms mentioned below, you must first review the first section using the connection provided below.
These are several other terms associated with the payment gateway:
- Maintenance Cost
These are the payment gateway fees levied for service costs, updates, repairs, and so on. The majority of maintenance costs are recurring, such as quarterly or annually. However, not all payment gateways levy this fee.
- Merchant Dashboard
This is a tool for merchants and a one-stop-shop for various payment gateway-related functions such as transaction review, checking, settings, registration, and so on. It is an account that is activated for real-time records following the acceptance of the approved merchant account.
- Merchant
A merchant is the one who sells the product or service. He would obtain payment gateway solutions in India merchant accounts in order to accept online payments. Consider the purchaser of an eCommerce website.
- Merchant Category Code
The merchant category code is a code that aids in the designation of the merchant based on the kinds of services or products that the merchant offers. It is a four-digit code that payment firms use to categorize merchants.
- Merchant Account/Nodal account
This form of account makes it possible for the retailer to receive online payments. It is the best payment gateway in India under the jurisdiction of the purchasing bank. Its main aim is to receive payments on behalf of the merchant and to settle the funds. IT also contains features such as refund collection.
Thus, the funds spent by the buyer are first deposited in the merchant account and then immediately settled into the merchant's business bank account according to the settlement period.
- MID
The Merchant Identification Number (MID) is the number that payment processors assign to retailers in order to accept payments.
- Onboarding Process
This is the procedure for activating a registered merchant account. The onboarding method includes KYC, risk identification, fraud prevention, teamwork, and collaboration.
- Order
When a buyer makes an online list of a product or service, transfers it to the checkout, and continues with the payment, an order is formed on the merchant and payment gateway's end.
- OTP
The One time Password (OTP) is a security code sent to the registered mobile number for transaction authentication.
- Payment Gateway/Aggregator
The aggregator combines various payment modes and establishes technological relationships with them in order to provide the retailer and the client with a variety of payment options.
- Payment Method
Payment systems provide a variety of ways for customers to pay, such as debit cards, net banking credit cards, UPI, Wallets, EMI, and so on.
- PCI DSS Compliance
Data Protection in the Payment Card Industry PCI-DSS compliance is the highest standard of authentication for card payment processing. PCI DSS is a series of security guidelines created by Visa, MasterCard, Discover Financial Services, JCB International, and American Express to ensure that all businesses that receive, process, store, or transfer credit card information operate in a safe environment. It safeguards the cardholder against data leaks and online payment theft.
- Refunds
When a customer's money is returned to them for whatever reason, this is referred to as a refund. The Refund ID is the identifier that is used to identify the refund.
- Settlement
This is the point in the money processing when the customer's payment is transferred from the merchant account to the merchant's company bank account.
Settlement is carried out in accordance with the settlement time, which is defined as the fixed settlement period, such as t+3 working days (refer to 7 – Business Days).
- Smart Routing
Based on the payment mode, card issuer, card scheme, or card bin, the transaction will be automatically routed through various networks to ensure a high-performance rate.
- SSL
The Secure Socket Layer (SSL) refers to the various encryptions and cryptographic functions, including the public key and the private key, which are used to secure the link between the server and the website.
As data is transmitted from the customer's side to the retailer's website through the payment gateway, it provides protection in the online market.
- TDR/MDR
The Transaction Discount Rate (TDR) is a percentage fee charged by the purchasing bank for online transactions. The fee is divided among the different parties involved in the transaction, including payment providers, card networks, issuing banks, and so on.
- Tokenization/Encryption Standards
Following encryption, principles are important for the secure authentication of transactions. It allows for the exchange of data in a coded format while also preventing security breaches.
- Transactions
The processing is the payment mechanism that begins at the payment gateway checkout. The Transaction ID is the exclusive code assigned to the transaction.