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Contact-Free Payment
Contact-free payments are transactions processed in a manner that removes the physical interaction between the purchaser and the merchant. A contract-free payment can be accomplished through a...
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Discount Rate
Merchants are charged a fee for the processing services that enable them to accept cards as payment. This fee, called the “merchant discount” or “discount rate,” is negotiated with each merchant during the sales process. The discount rate is usually a percentage of the merchant’s sales volume.
Related Terms
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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...
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