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Banking
5 min

Merchant identification number

Merchant ID is a special code assigned to merchants by the acquiring bank. Companies receive a merchant ID when they open a merchant account. This number is used to identify the merchant among other businesses. Without the merchant identification number, the issuing bank would not know where to send the money. How to get a […]
Banking
5 min

MO/TO payments

MO/TO payments is a type of operation for paying for services on the Internet using payment cards. The difference between MO/TO payments from the others is that the payment is identified by phone, e-mail, or using other communication channels. These payments are categorized as card-not-present transactions. Since it is impossible to identify the identity of […]
Banking
5 min

Merchant account

A merchant account is a type of bank account that allows merchants to accept credit and debit card payments. He acts as an intermediary between the client and the company’s bank account. The fact is that the funds are not credited to the account immediately, the bank “reserves” them. At the end of the working […]
Banking
5 min

Local payment methods

Local payment methods are the preferable payment methods in a certain country. They refer to alternative payments.
Banking
5 min

Know Your Customer (KYC)

Know Your Customer or KYC verification is a mandatory process of identifying and confirming the identity of a customer when opening an account. In addition, this check is performed not once, but also in the process of the client’s interaction with financial institutions. Banks must ensure that all information provided by the customer is genuine. […]
Banking
5 min

Interchange fee

Interchange fees are the funds charged by international payment systems (Visa / Mastercard / AMEX) for the provision of their services. In the process of processing payments, interbank fees account for most of the transaction fees. These fees may differ for each type of credit institution. Efforts have been made in recent years to standardize […]
Banking
5 min

Independent Sales Organization

An independent sales organization (ISO) is a third party company that serves as a bank or other financial institution and sells certain services. One of these services is the provision of merchant accounts. How does an independent sales organization work? These companies establish partnerships with various banks to find, manage and open merchant accounts. Independent […]
Banking
5 min

In-app payments

In-app payments mean purchasing goods or services using a mobile device: phone or tablet. Basically, this type of payment is popular among mobile games (purchase of in-game currency) or any other applications. Developers provide a basic version of a product or service that can be upgraded to a paid version for additional solutions.