mail order and telephone order (MO / TO) – for merchants, which accept payments exclusively by phone or mail. Virtual terminals are also the preferred payment processing platform for most non-profit and membership-based organizations, either exclusively or in combination with an e-commerce set-up.
Some merchants’ business models are based on delivering products and services on a pre-determined schedule (weekly, monthly, etc.) over time. For instance, a car insurance policy is typically paid in monthly installments of pre-defined amounts. These are known as recurring payment plans and can last until the payment plan is canceled by the customer.
Take payment from your customers via email. Pay by Link is a simple and easy to use tool which allows you to create and send customized emails with a ‘pay now’ button, delivered directly to your customers’ inbox. Your customers can pay easily and securely when checking their emails on their computer or their smart phone.
Once your clients indicate the periodicity and amount they are willing to deduct from their buyers’ cards, the system will manage it automatically. It is a perfect solution for websites selling access to the content via subscription.
also card authorization, preauthorization is the practice within the banking industry of authorizing electronic transactions done with a debit card or credit card and holding this balance as unavailable either until the merchant clears the transaction (also called settlement).
Compensation paid to a customer for over-invoicing or for returned goods.
Chargeback’ is the term used for debiting a merchant’s bank account with the amount of a transaction that had previously been credited. Chargebacks are common for high risk businesses like forex, gambling and are comparably rare in low risk industries.
Funds remittance from Merchant account to the client’s credit card, for instance, winning in gaming.