Payments 101 Flashcards
Review common jargon associated with the flow of payments.
1
Q
CardConnect, Elavon and Fiserv are all examples of what payment flow component?
A
Processors (also sometimes called Acquirers).
Processors move the money between accounts.
2
Q
What is the primary function of a gateway?
A
Gateways determine approval or denial.
At the end of the day, the gateway will batch all of the transactions and send the file to the processor, who will then move the money.
3
Q
Authorize.net, CyberSource, Bluefin, and TouchNet are examples of what payment flow component?
A
Gateways
4
Q
Why would a client be interested in using a TPSP (third-party service provider)?
A
To collect extra data or enhance the payment experience. ex: shopping cart, ticketing, inventory, customer profiling, etc.
