PIN verification, or Personal Identification Number verification, is a security measure used to authenticate individuals and ensure that only authorized users have access to certain systems, accounts, or services. A PIN is typically a numerical code known only to the user and is used as a form of password or identification. PIN verification in Point…
Recurring transactions refer to a type of financial arrangement where a customer gives authorization for a regular payment to be automatically deducted from their account at specified intervals. These transactions are often used for subscription-based services, memberships, utility bills, loan payments, and other scenarios where payments need to be made on a consistent basis. Recurring…
A card reversal, sometimes known as a “chargeback,” is a payment card industry process in which an authorized and settled transaction is later reversed by the cardholder’s bank (issuing bank) and the funds are returned to the cardholder. Card reversals are normally initiated by the cardholder, although in some circumstances, they can also be done…
A Point of Sale (PoS) terminal, popularly known as “terminal,” is a device used by businesses to facilitate transactions and complete sales with customers. It’s the hardware and software combination that allows customers to make payments for goods and services. PoS terminals play a crucial role in retail, hospitality, and various other industries where customer…
EMV cards are a type of payment card that uses a specific technology standard to enhance the security of card-based transactions. The term “EMV” stands for Europay, Mastercard, and Visa, the three companies that initially developed this payment technology. EMV cards are often referred to as “chip cards” because they contain a small microchip on…
Point of Sale (POS) refers to the location and moment at which a customer makes a payment for goods or services. It’s the final step in a retail transaction where the customer exchanges money, credit card information, or other forms of payment with the business in exchange for the products or services they are purchasing.…
Line of credit is a type of revolving credit that provides borrowers with access to a specific amount of funds that they can draw from as needed, up to a predetermined limit. Similar to a credit card, a line of credit allows borrowers to borrow money as needed and make payments only on the amount…
An invoice is a commercial document that outlines the details of a sale between a buyer and a seller. It serves as a record of the goods or services that have been sold and provides information on the payment terms and methods. In general, an invoice includes the following information: Name of seller Contact information…
Inventory refers to the goods or materials that a business has in stock and is available for sale or use in its operations. This can include raw materials, work-in-progress, and finished goods that are ready for sale. Inventory is an important component of a business’s operations, as it represents a significant investment of capital and…
Interest refers to the amount of money that a borrower pays to a lender for the use of borrowed funds. It is typically expressed as a percentage of the total amount borrowed and is calculated over a specific period of time, such as a month or a year. This can be charged on a variety…
