A debit card is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect. In Singapore, it is known as NETS.
EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV originally stood for "Europay, Mastercard, and Visa", the three companies that created the standard.
Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.
Electronic benefit transfer (EBT) is an electronic system that allows state welfare departments to issue benefits via a magnetically encoded payment card used in the United States. It reached nationwide operations in 2004. The average monthly EBT payout is $125 per participant.
Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro debit cards are obtained from associate banks and are linked to the cardholder's savings account, current account or any of several other types of accounts, while prepaid cards do not require a bank account to operate. Maestro cards can be used at point of sale (POS) and ATMs. Payments are made by swiping cards through the payment terminal, insertion into a chip and PIN device or by a contactless reader. The payment is authorized by the card issuer to ensure that the cardholder has sufficient funds in their account to make the purchase. The cardholder then confirms the payment by either signing the sales receipt or entering their 4- to 6-digit PIN, except with contactless transactions below a specified amount for which no further verification is required.
Verifone is an American multinational corporation headquartered in Coral Springs, Florida, that provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. A high-risk merchant account is a business account or merchant account that allows the business to accept online payments though they are considered to be of high-risk nature by the banks and credit card processors. The industries that possess this account are adult industry, travel, Forex trading business, multilevel marketing business. "High-Risk" is the term that is used by the acquiring banks to signify industries or merchants that are involved with the higher financial risk.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, client cards, key cards or cash cards.
An ATM card is a payment card or dedicated payment card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and to make approved point of purchase retail transactions ATM cards are not credit cards or debit cards. ATM cards are payment card size and style plastic cards with a magnetic stripe and/or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC, client card, key card or cash card, among others. Other payment cards, such as debit cards and credit cards can also function as ATM cards. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a point of sale transaction, usually attracting interest charges from the date of the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators and financial institutions other than those of the institution that issued the cards.
A contactless smart card is a contactless credential whose dimensions are credit-card size. Its embedded integrated circuits can store data and communicate with a terminal via NFC. Commonplace uses include transit tickets, bank cards and passports.
Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1985, by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).
Merchant services is a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device. More generally, the term may include:
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
The BancNet (BN) Point-Of-Sale System is a local PIN-based electronic funds transfer (EFTPOS) payments solution operated by BancNet on behalf of the member banks and China UnionPay (CUP). The BN point of sale (POS) System allows merchants to accept the automated teller machine (ATM) cards of any active BancNet member bank as payment for goods or services and obliges BN to settle the transaction as early as the following banking day through a direct deposit to a settlement account with any member bank. Acceptance of CUP cards is limited to SM Prime Holdings, Inc.'s Department Store, Supermarket, Hypermarket, Super Sale, Watson's, Sports Central, SM Appliance, Toy Kingdom, and select Surplus Stores.
A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal, is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization.
girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by the German Banking Industry Committee.
Cleaning cards are disposable products designed to clean the interior contact points of a device that facilitates an electronic information transaction. In order for the cleaning card to work properly in the device, the card resembles or mimics the material of the transaction media – such as a credit card, check, or currency. As the cleaning card is inserted and passed through the device, it will clean components that would normally come in contact with the transaction media such as readers, lenses, read/write chip and pins, belts, rollers, and paths. Cleaning card products are widely accepted and endorsed by device manufacturers and industry professionals. Many have developed their own cleaning cards to better clean their particular devices.
Seymour Direct is a UK payment processing company. It provides online payment solutions as a developer of Sagepay
PIN was a debit card brand in the Netherlands from 1990 until 2012, owned by Currence. PIN was a magnetic stripe card, which never migrated to the EMV chip. It was therefore discontinued in 2012, after the switch-over from magnetic stripe authentication to EMV chip authentication in the Netherlands was completed. PIN was replaced by Maestro and V Pay debit cards, but as most PIN cards were already co-branded with Maestro long before 2012, consumers noticed little of the change.
