Glossary of Terms

Third Party Payment Systems

Keyword Definition
Alternative Payment Methods Payment options outside of the traditional credit/debit card transactions, including cryptocurrency and direct bank transfers.
Chargeback A transaction reversal initiated by the cardholder's bank, often used in cases of fraud or disputes.
Escrow Service A financial agreement where a third party temporarily holds funds until a transaction is completed.
Fraud Prevention Tools Technologies and strategies implemented to detect and prevent unauthorized transactions.
Merchant Account A type of bank account that allows businesses to accept payments by debit or credit cards.
Peer-To-Peer Payments A payment system that allows individuals to transfer funds to one another using mobile apps or online platforms.