Electronic payments are constantly developing and becoming more and more popular. There is hardly a person who does not deal with electronic payments either from the point of view of a customer or a merchant. Like any other industry, payment processing industry has some specific terms which are used to describe processes and phenomena inside of the industry and of course the key players of this industry. The best option is to start with some basic terms. So what are they?
These terms are merchant services, merchant service provider (MSP), merchant, association, issuer, acquirer and payment gateway. For instance, ‘Merchant services are the wide range of financial services that allow businesses to accept credit cards, debit cards, ACH transactions and more. The focus of merchant service industry is on helping businesses to accept the payment methods their customers want to use’.
If you are interested in the definitions of all the above-mentioned terms explained in a way easy to understand clearly you definitely need to watch the video ‘Merchant Service Industry Terms Explained Simply’
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