The Payment Crew: Online Payment Terms Explained (2024)

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

<script> /** * Writes the current year to all elements that match the selector. */ function setCurrentYear() { const YEAR_ELEMENTS_SELECTOR = '[fs-hacks-element="year"]'; const yearElements = document.querySelectorAll(YEAR_ELEMENTS_SELECTOR); const currentYear = new Date().getFullYear().toString(); yearElements.forEach((yearElement) => { yearElement.textContent = currentYear; }); } document.addEventListener('DOMContentLoaded', setCurrentYear);</script>

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Online payment is a complex ecosystem and too often only experts succeed to navigate into it. The objective of this article is to provide, in less than 500 words, a simplified overview of the players involved in an online transaction. If words like Issuing Bank, Acquirer, Processor or Gateway do not sound familiar to you, this article is for you.

Payment is about moving money from the bank account of the customer to the bank account of the merchant.

Issuing Bank and Acquiring Bank:

The customer’s bank is called the Issuing Bank, named as such because it is the bank which has issued the payment card used to realize the transaction.

The merchant’s bank is called the Acquiring Bank or the Acquirer. Much like the Issuing Bank provides the customer a bank account and a solution to pay (the credit card), the Acquirer provides the merchant an account to receive money and a technical solution to accept payments (more on this below).

Card Network:

To move money from the customer’s account to the merchant’s account, the two banks must be able to communicate. It is made possible by the card network. Most famous are Visa, Mastercard, and American Express.

Payment Providers:

To accept online payments, an online merchant needs to set up a payment system on its website and to open a merchant account (an account that allow merchants to accept payment namely from debit and credit cards). To do so online merchants have the choice to work with one or several payment providers.

Payment Acquirer:

The merchant account is provided by a Payment Acquirer.

It is a financial institution accredited by the card networks. This means the acquirer is authorized to connect to the card networks and exchange information with the other members of the network.

The Payment Acquirer is responsible for the transaction on behalf of the online merchant. It will provide its own technical payment infrastructure to the merchants or ensure that the providers selected by the merchant are reliable and secure.

From a technical point of view to accept a payment, an online merchant needs to collect its customers information and to transmit it. Here come two new terms: Payment Gateway and Payment Processing. Sometimes the Acquirer provides the merchant its own Payment Gateway and its own processing solution. Sometimes the merchant contracts with third party providers that are accredited by the Acquirer.

Payment Gateway & Payment Processing:

A Payment Gateway is a secure page on the merchant’s website where the customer will enter his card information. This secure page is the point of contact between the customer, the merchant and the payment world. Merchants can build out this secured environment independently but most of the time merchants employ a third party provider.

When the customer enters his or her card information and clicks on “Purchase”, a secured connection allows the card information to transit from the Payment Gateway to the Card Network. This is Payment Processing.

And that’s it! You should now be familiar with the terms Issuing Bank, Acquiring Bank / Acquirer, Payment Gateway and Payment Processor. To continue your journey through the payment world, please see our post on The Secret Life of a Payment Transaction.

Recent articles

TeamA new chapter for ProcessOutMarch 12, 2024•5 min read
Payment viewsPaymentViews #8 — Gediminas Griška, Head of Payments at HostingerSeptember 10, 2020•5 min read
Payment viewsPaymentViews #7 — Rachid Rhilan, Fraud Manager at Galeries LafayetteJuly 19, 2020•3 min read
Payment viewsPaymentViews #5 - Mathieu Chauvin, Senior Engineering Manager at UberMay 19, 2020•5 min read
Market insightsHow Adore Me Audited Its Payments to Drive a 15 Points Auth Rate IncreaseApril 12, 2020•5 min read
Payment viewsPaymentViews #4 - Zacchary Wengrow, Product Manager at MeeroMarch 17, 2020•5 min read
TeamA new chapter for ProcessOut as part of Checkout.comFebruary 26, 2020•2 min read
Payment viewsPaymentViews #3 - Laurene Lecomte, Head of Risk, Payment and Fraud Management @ Back MarketFebruary 16, 2020•5 min read
The Payment Crew: Online Payment Terms Explained (2024)
Top Articles
Latest Posts
Article information

Author: Lidia Grady

Last Updated:

Views: 6228

Rating: 4.4 / 5 (45 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Lidia Grady

Birthday: 1992-01-22

Address: Suite 493 356 Dale Fall, New Wanda, RI 52485

Phone: +29914464387516

Job: Customer Engineer

Hobby: Cryptography, Writing, Dowsing, Stand-up comedy, Calligraphy, Web surfing, Ghost hunting

Introduction: My name is Lidia Grady, I am a thankful, fine, glamorous, lucky, lively, pleasant, shiny person who loves writing and wants to share my knowledge and understanding with you.