ACH: Automated Clearing House is a network for electronic funds transfers or eChecks. Types of payments include:
Direct deposits
Direct payment made for bills
National tax payments
Business-to-business payments
E-commerce and eCheck payments
API Login: An ID assigned to access the API. It is required to access Secure WebPay and is available within the Virtual Terminal.
Approval: An authorized transaction that has been approved by a bank or credit provider.
Check Verification: A process of verifying a check and a checking account in real time; can also identify if an account is currently in non-sufficient (NSF) status.
Authorization: A request from a merchant to make charges on a credit card. Authorization is the first stage in a settlement process and if not completely settled within the credit provider’s timeframe, it will expire.
Authorization Code: Alphanumeric or numeric code issued by a credit provider to refer to the authorization.
Auth Only: The merchant seeks authorization but intends to capture the funds at a later time or date.
Capture: The process of collecting funds and debiting a customer’s account following a transaction.
COM: Component Object Model (COM) is a Microsoft-created architecture used for interprocess communications. In a payment gateway environment, COM can be used for data posts.
Decline: An unapproved transaction that will not receive authorization.
EFT: Electronic Funds Transfer (EFT) refers to electronic payments and is the government’s preferred payment method.
Full Gateway Integration: An advanced and somewhat challenging way to integrate with PayZang.
HTML Integration: Simple integration with PayZang through a webpage with a payment form. Only supports sale and debit types of transactions.
Merchant ID: An identification number issued to your organization and a required component for all communications.
NACHA: National Automated Clearing House Association, which governs the operating rules and manages all ACH-associated activities and procedures.
NCNVerify: A check database that can help you determine whether or not a checking account is in good standing.
PaymentsGateway: A high-volume modular payment processing platform developed for maximum flexibility and availability.
PCI: Payment Card Industry, which mandates that merchants and service providers must comply with minimum security standards regarding a cardholder’s data.
Pre Auth: See Auth Only.
Pre Notification: An ACH originator may (optionally) send a pre-notification to a customer’s account to serve notice of the intent to transmit additional items. Also provides the date on which these items will be drafted from the client’s account.
Procurement Card: Like a credit or gift card, but typically issued to employees for use in purchasing supplies and other items for company use.
RAW: Computer terminology generally referring to unprocessed data passed along without being processed or interpreted.
Recurring Transaction: Transactions occurring more than once. The API creates messages to determine number, frequency and start date of recurring transactions.
Reversal: Issuing credit to a customer for an incorrect or disputed transaction that has already been settled.
Online Payment Page: A method of easily and securely submitting electronic transactions to PayZang.
Secure Transaction Key: Available in the Virtual Terminal, this key provides an extra layer of authentication for securely submitting transaction requests. Like a password, it should be stored securely and changed often.
Settlement: The final step in a transaction, this means authorized funds are delivered to the processor for making payment to the merchant. It can take a few days for the funds to reach the settlement stage.
SSL: Secure Sockets Layer (SSL) is a communications protocol for transmitting private data across the internet. SSL encrypts data using a private key that is transferred over the SSL connection.
Void: Canceling a transaction that has been authorized but not settled.