Payments Explained

The Payments Explained is a complete glossary that defines the main terms and concepts commonly used in the payment industry. In just a click you can access great articles and easily learn more about the payments world.

Account takeover

Account takeover or ATO, is a kind of identity fraud. The goal is to take advantage of the stolen account.

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Acquiring bank

An institution that has the authorization to process a transaction and manage communication between credit associations and businesses.

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Alternative Payments

Discover the most popular online alternative payments in Latin America.

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B2B Payment

The buying and selling process between businesses have their own inner workings. Check out how it works.

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B2B Payment

The buying and selling process between businesses have their own inner workings. Check out how it works.

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Brazilian Currency

Learn more about Brazilian Currency and get a summary of working within one of the hottest emerging markets in the world: Brazil.

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Brazilian issuers and card schemas

Brazil has more than 162 active banks and several card brand options. Yet, only a few organizations dominate the card issuing market and.

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Card Testing

A kind of fraudulent activity where a fraudster tries to determine if stolen card information can be used to make purchases.

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Chargeback

A chargeback is the act of a customer filing for the return of their funds directly with the bank, that can happen for different reasons.

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Chilean peso (CLP)

Whether you’re investing in a business or the country itself, there’s a good reason to keep an eye on Chile. Learn everything about Chilean Peso.

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Chinese currency (yuan/renminbi)

This article, therefore, is here to help you understand a key aspect for anyone who is willing to do business in China: its currency.

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Contactless Payments

An increasing trend, contactless payments are a popular way for merchants to receive money for their goods and services. See how does it work.

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Credit card

Learn all about one of the most used payment method in Latin America and why you need to accept it in your online store.

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Credit Card Declines

Credit card decline is when for different reasons, a credit card payment cannot be processed and the transaction is declined.

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Credit card schemes

With card schemes, your customers can make purchases and pay bills, online or in-store, without the need for cash or cheques. Learn about card schemes.

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Cross-border Payments

Cross-border payments defined as funds paid to or taken in from different countries, so the location where the merchant is registered is different from the country where the customer's card was issued.

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Debit card

Learn all about one of the most used payment method in Latin America and why you need to accept it in your online store.

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Deflation

In this article we discuss what causes deflation in the economy, types of deflation, and If deflation is good or bad. Find out more!

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Efecty

Get to know how Efecty payment works and which reasons make it so important for digital commerces to offer it when selling to Colombians.

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Electronic Draft Capture (EDC)

Sometimes also referred to as remote deposit capture, EDC is essential to every commerce-based business.

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Electronic Funds Transfer

Digital payment is the way of today, and tomorrow, and that means any business, large or small, needs to take advantage of electronic transactions.

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E-wallets

Payments become more efficient and convenient for buyers using online platforms. Learn more about e-wallets and digital wallets.

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Fintech

Fintech is one of the fastest growing sectors in the digital world, and in fact, it could be the most influential. Learn more about fintech.

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Foreign Exchange

Currency transactions happen at all hours all over the globe, and their values are in constant flux. See how Foreign Exchange works.

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Fraud prevention

Are strategies focused on preventing the transactions from fraudsters and provide business protection.

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Hosted payment page

It is a third-party checkout web form that handles electronic transactions (payments made with credit and debit cards).

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Identity theft

Is the crime of obtaining personal or financial information, such as identity data or driver's license.

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Inflation

Inflation means that the prices are rising and there can be various factors that could be the reason for this. Learn more about how inflation works.

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Installments

A popular payment method that splits up the total amount due to monthly payments, allowing customers to make higher prices purchases.

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Instant boleto

Discover the importance of instant boleto payments for digital commerces and why it is a better alternative than standard boletos.

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Intelligent payment routing

Everything you need to know about Intelligent Payment Routing and how it can affect your business.

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Local acquiring

In this article you will know about the concept and all advantages that local acquirers have over international ones.

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Mass payout

Mass payouts are basically a method that automates the process of paying a large number of recipients, or contractors, simultaneously and online.

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Merchant service provider

What is the meaning of Merchant Services Provider? Keep reading to find out all about merchant providers and how to choose the best one for you.

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Mexican Issuers and Card Schemas

Counting with 50 authorized banks and more than 130 offered card options, Mexico has a very solid card schema

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Mobile Money

Mobile money is a transformative financial service enabling individuals to conduct various financial transactions conveniently through mobile phones.

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Nequi

Nequi is a popular payment method that can boost sales and allow businesses to expand their customer base because of the fast-growing number of digital wallet users in Colombia.

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One-click payment

What is a one-click payment method? Let's see how a single click payment system works, its benefits, and how it is related to a one-click checkout.

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Oxxo

OXXO invoice is a payment method which is widely used by Mexicans to pay for their utility bills and even online purchases, in cash.

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Payee

You might have found the term “payee” somewhere. So, what is it? Let us clarify the payee meaning for you!

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Payment Authentication

In this article, we’ll take a closer look at different payment authentication methods.

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Payment Gateway

A payment gateway is a mechanism that assures security and facility sending credit card information from the merchant's website to the payment processor.

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Payment Processing

Is the entire process of an online payment transaction which involves different players such as the payment processor, the acquirer and issuer bank.

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Payment Reconciliation

The best way to ensure good financial standing is to establish a payment reconciliation protocol. See how Payment Reconciliation works.

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Payment Service Provider

Payment Service Providers work on the backend of the e-commerce and bring all the main parties involved in the transactions together.

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Payout

A Payout is a solution that allows you to pay your local service providers, suppliers, gig workers, and partners in Latin America.

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PCI DSS

PCI DSS: Payment Card Industry Data Security Standard is a set of 12 security standards designed to ensure that all the card payments are being processed safely.

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Pix

PIX is the system created by the Brazilian Central Bank to bring instant payments to life. It is through PIX that all wallets that use QR Codes will be interoperable.

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Pix Saque (Withdrawal)

In this article you will learn more about PIX Saque (Withdrawal), one of the new features recently added to the PIX universe.

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PIX Transfer Refunds

PIX completed its first year of existence on November 16th of 2021. In this article you will get to know more about how this new PIX refund feature works.

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Pix Troco

PIX Troco (Change) is an evolutionary PIX feature that allows its users to receive change in their purchases in Brazil. See how does it work.

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Psd2

PSD2 is the new EU financial directive. It obliges banks to open up their data in a secured form so that it can be shared between Third Party Providers.

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QR Code

QR Codes work by encoding information in a two-dimensional space using a grid of black squares on a white background.

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Recurring payments

Find out what is the definition of automatic recurring subscription payments and how these monthly charges and fees can help your business model.

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Refund

When a customer buys a product our service and after asks for his money back so the merchant needs to make a reimbursement.

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Remittance

Commonly used for international money transfers, remittance transactions are a popular mode of payment. Learn more about Remittance.

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Servipag

Counting with more than 350 branch offices and 4000 agencies in Chile, Servipag can be considered the country's best payments platform. See how it works and all benefits in offering it.

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Subscription payment

For businesses with a product or service that can be offered over time, subscription payments are a quick and reliable way to retain customers.

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Swift Code

SWIFT stands for Society of Worldwide Interbank Financial Telecommunication. See how does it work.

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Tokenization

Tokenization is the process to create tokens to protect customers’ sensitive data by replacing it with algorithmically generated numbers and letters.

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Unified Payments Interface (UPI)

The Unified Payments Interface (UPI) is a digital and real-time payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).

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Via baloto

Via Baloto is the main lottery and payment service in Colombia, reaching 96% of the Colombian population.

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What is 3D Secure (3DS)?

3D secure - as known as payer authentication - is a technical standard that adds a layer of security in online credit and debit card transactions.

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