-
Lockbox
Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...
Learn More
Payment Gateway
A payment gateway is an application service provider that authorizes credit card, debit card and electronic check payments for businesses. A payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone, or interactive voice response service) and the front-end processor or acquiring bank. When a customer orders a product from a payment gateway-enabled merchant, the payment gateway performs a variety of tasks to process the transaction.
Related Terms
-
POP (Point-of-Purchase)
A one time debit entry to the account of a receiver whom is notified, at the point of purchase, that their check (source document) will be converted...
Learn More
