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A to Z of Payments - Part 3

Written by  Siddarth Tuesday, 30 May 2017 08:34

 

User Fees

These are typically called as convenience fees. These are payment charges that the merchant passes onto the customers for enabling digital transactions. Many travel firms, utilties and others pass the charges to the consumer. User fees also changes on the type of payment instrument used. For example, Credit card has a higher charge than debit cards.

 

Velocity

This is typically know as the speed of transactions per unit of time.Several payment processors monitor the no of transactions that are processed per hour. If the threshold is breached, risk measures are put in place. These are put to safeguard the larger system and also to prevent fraudulent transactions.

 

 

White List

Yup. You guessed it right. This is a list of cards that can be processed for payments. It is the inverse of a black list or a hot list where the cards mentioned in that list will not be processed for payments.

 

X

Nothing in the payment world begins with X. So I am making this up. X is the close button available on the top right or top left button of payment screens to close or terminate the session. Ok. I hope this was useful. So the next time, you open up an app or a website that is processing payments, look for the x button.

 

 

Year of Expiry

This is the year in which your card expires. Be sure to renew your cards before they expire. I am pretty sure that the bank will replace the card before it expires but then, we can always be a little vigilant.

 

Zero Rates

The rates that most of the Indian wallet players are charging most merchants. Seriously.

 

Read 1186 times Last modified on Thursday, 01 June 2017 06:16