10 payment. acronyms that aren t what you think they are

Transcription

1 10 payment acronyms that aren t what you think they are

2 TCB can TL when there s TMI and NET. But we re TOU and we re HTH.* If those two sentences are enough to tie you up in knots, all the acronyms related to payment processing probably are too. They are for us. But hang tight. Following are 10 of the most commonly used acronyms in payment processing with a humorous take on their possible meanings, and, then, what they actually stand for in the world of payments. Ask your providers to speak plainly when it comes to payments. 1 CNP CNP Hmmm, Cookies n Pizza, that sounds good! But that s not what we re talking about here. In payments, CNP actually refers to card not present. CNP transactions occur whenever a card payment is made without the actual physical card, as in those made over the phone, by mail, or online (see MOTO).

3 MOTO 2 MOTO No doubt you have Many Other Terrific Opportunities ahead for your business, but in the world of payments, MOTO stands for something else altogether Mail Order/ Telephone Order, a type of transaction in which a cardholder orders goods or services by mail or telephone. (Think calling in to order something with 3-easy payments.) It s worth noting that MOTO transactions are also CNP.

4 3 MID MID All the choices in payment software, hardware and providers can easily overload a business owner. Is it that they Must Increase Decision-making to keep up? Nope. MID refers to Merchant Identification Number. This is the unique number assigned to a merchant account to identify it through the course of payment processing activities.

5 POS 4 POS Umm, some may have used this term when previously faced with a piece of faulty office equipment, but POS actually refers to something else in the world of payments. It s the point of sale, literally or defining a type of system, usually integrated with other business operating systems, that facilitates payments in a merchant s business.

6 CSC 5 CSC As much as we d love to tell you that CSC stands for Crazy, Sexy, Cool, in the realm of payments it refers to the Card Security Code. This is the three- or four-digit code printed on a credit or debit card that is intended to confirm the cardholder s identity and minimize the risk of fraud. CSC is also known as CID (Card Identification Number), CVC (Card Verification Code), and CVV (Card Verification Value).

7 EMV 6 EMV Could there really be Even more Viruses ready to attack your payment systems? Actually, EMV is an acronym for Europay, Mastercard, and Visa, the three entities that established the worldwide standards for chip card acceptance. EMV chip cards have become the new payment norm since the U.S. fraud chargeback liability shift in October 2015.

8 7 PCI PCI How many questions do you have to answer about your payment processing system? Don t you wish we all would Please Cease Inquiring? Well, PCI actually stands for Payment Card Industry. The PCI Data Security Standard is a set of requirements all businesses that accept credit card payments must follow in order to maintain a secure payment processing environment.

9 8 QSA QSA Although your alter ego may turn into a Quietly Sulking Assistant at certain times, QSA in fact refers to Quality Security Assessor. A QSA is an individual who has been certified by the PCI Standards Council to audit merchants to ensure they are in compliance with the PCI Data Security Standard.

10 9 NFC NFC Like other entrepreneurs, you may be full of ideas and feel like you are Never Finished Creating. In payments however, NFC refers to Near Field Communication, the technology that enables acceptance of popular mobile wallets like Apple Pay and Android Pay, and allows two devices (smart phone and payment terminal) to communicate when in close proximity.

11 10 E2EE There are only so many hours in a day to get things done, so it s likely you are doing Everything to Ensure Efficiency at your business. As nice as that goal is, E2EE actually stands for End-To-End Encryption, the technology that protects cardholder data in transit by encoding it at its starting point and decoding it at its destination. E2EE So, there you have it: ten common payment processing acronyms and their true meanings and applications to your business. B4YKI, you ll be an expert in any ARE!** * Taking care of business can take too long when there s too much information and not enough time. But we re thinking of you, and we re here to help. ** Before You Know it, you ll be an expert in any acronym rich environment! Courtesy of webopedia. WCP Worldpay, LLC and/or its affiliates. All rights reserved. Worldpay, the logo and any associated brand names are trademarks or registered trademarks of Worldpay, LLC and/or its affiliates in the US, UK or other countries. All other trademarks are the property of their respective owners.