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This glossary contains explanations of concepts related to Cloudbeds Payments' features.
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If you are interested in the Cloudbeds Payments feature, click here for further details and talk to our team!
Term |
Concept |
| Address Verification System (AVS) | A security system requiring merchants to supply address information for a cardholder to the institution that issues the credit card in card-not-present transactions, including online purchases. |
| Authorization | This refers to the initial electronic request made by a merchant for a customer’s card issuer to release funds. This verification process confirms that a credit card has adequate funds to cover a transaction. |
| Card-Not-Present Transactions | This refers to credit or debit card transactions where the physical card is not present at the point of transaction, such as for online purchases. |
| Card Reader | An electronic sensor that reads a magnetic strip or bar code on a credit card. |
| CVV code |
The CVV Number ("Card Verification Value") is a 3 digit number on VISA, MasterCard and Discover branded credit and debit cards (usually found behind the card). On American Express is a 4 digit numeric code. |
| Data Security Standards (DSS) | Referred to as the Payment Card Industry Data Security Standard (PCI DSS), this is a common set of information security policies and procedures for use by entities that handle credit card data (basically, any organization that accepts, processes, stores, or transmits credit card information) to protect that data and prevent misuse of cardholders’ personal information. |
| Direct Deposit Account (DDA) | This is the bank account on file for your merchant account. |
| Dispute, Retrieval and Chargeback | Click here to learn more about both terms. |
| Doing Business As (DBA) | It refers to a secondary name (also known as an assumed name, fictitious business name, or trade name) that is legally associated with a company and can be used to open bank accounts, write checks, enter into contracts, and for other business purposes. That company must lawfully file this secondary name or faces fines and penalties. A sole proprietor is usually required to file for a DBA, while for large organizations with multiple businesses and brands, a DBA helps identify the true ownership, for legal purposes. |
| eCommerce | The buying and selling of goods and services via an electronic network, usually the Internet. |
| Ethernet cord | An Ethernet cable is a network cable used for wired connections to the Internet. |
| Expiration Date | This refers to the date appearing on the face of a credit card, which identifies when that card is no longer valid for transactions. |
| Merchant | A retailer, or any other person, firm, or corporation that, according to a Merchant Agreement signed with an Acquirer or Independent Sales Organization (ISO), agrees to accept credit cards, debit cards, or both, when properly presented. |
| NFC Payments | Contactless payments that use near-field communication (NFC) technology to exchange data between readers and payment devices like Apple Pay and Google Pay eWallets in smartphones and smartwatches, or tap-to-pay credit and debit cards. |
| PCI DSS (Payment Card Industry Data Security Standards) | Common information security standards for merchants, financial institutions, payment-device makers, software designers, processors, and other third parties, that handle credit cards from major card organizations, intended to help ensure the safeguarding of payment card account data. Basically, all entities that store, process, and / or transmit cardholder data are required to adhere to these standards. |
| PIN Number | A Personal Identification Number, or PIN, is the confidential individual number or code used by a cardholder to authenticate card ownership for ATM or POS-terminal transactions. |
| Point-of-Sale (POS) | This refers to the specific time and place where a retail transaction is completed. |
| POS Terminal | A device placed in a merchant location that is connected to the merchant’s bank or authorization service provider via telephone lines and is designed to authorize, record, and transfer data by electronic means for each sale. |
| Refund to Credit Card | When an original sale was made by credit card, you can refund the transaction to that same credit card. All credit card refunds are final and cannot be undone. Original processing fees are not reversed when a transaction is refunded. |
| Statement descriptor | Statement descriptors explain charges or payments on bank statements. Using clear and accurate statement descriptors can reduce chargebacks and disputes. Banks and card networks require the inclusion of certain types of information that help customers understand their statements, and statement descriptors provide this information. |
| Token / Security Token / Authorization Token | A unique identifier created by an algorithmic process that replaces a credit card number and other sensitive data during the processing of a payment transaction to prevent credit card fraud. Tokens can be passed electronically without exposing actual customer account data. |
| Unauthorized Transaction | During a purchase, using a credit or debit card or via other method to make a payment not authorized by that account holder is often the result of fraud or cybercrime. Note that this does not refer to an issuer declining authorization for payment on a transaction. |
| Verifone P400 | The card-present desktop solution for Cloudbeds Payments. |
| WPA-Personal or WPA2-Personal encryption | WPA2 is an updated version of WPA that uses AES encryption and long passwords to create a secured network. WPA2 has personal and enterprise options, making it ideal for home users and businesses. If your router doesn't support the most secure encryption method, consider using a VPN to encrypt your searches. |
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