Global Information Lookup Global Information

Payment terminal information


PAX Technology S90 credit card terminal with a Visa card inserted.

A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"[1]), is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad (called a PINpad) for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization.

A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information. They are often connected to point of sale systems so that payment amounts and confirmation of payment can be transferred automatically to the merchant's retail management system. Terminals can also be used in stand alone mode, where the merchant keys the amount into the terminal before the customer present their card and personal identification number (PIN).

The majority of card terminals today transmit data over cellular network connections and Wi-Fi. Legacy terminals communicate over standard telephone line or Ethernet connections. Some also have the ability to cache transactional data to be transmitted to the gateway processor when a connection becomes available; the major drawback to this is that immediate authorization is not available at the time the card was processed, which can subsequently result in failed payments. Wireless terminals transmit card data using Bluetooth, Wi-Fi, cellular,[2][promotional source?] or even satellite networks in remote areas and onboard airplanes.

Prior to the development of payment terminals, merchants would capture card information manually using ZipZap machines.[citation needed] The development of payment terminals was led by the advantage of efficiency by decreased transaction processing times and immediate authorisation[3] of payments. In terms of security, terminals provide end to end card data encryption and auditing functions. Nevertheless, there have been some cases of POS pin pad malware.[4] There have also been incidence of skimming at card terminals and this led to the move away from using the magnetic strip to instead capturing information using EMV standards.[3]

  1. ^ Transversal, James Leslie at. "Ask Barclaycard a question". ask.barclaycard.co.uk. Archived from the original on 31 March 2019. Retrieved 28 September 2017.
  2. ^ "Ingenico Group – Expertise – Pay-at-the-Table". ingenico.us. Retrieved 13 September 2017.
  3. ^ a b "ATM 'Shimmers' Target Chip-Based Cards — Krebs on Security". krebsonsecurity.com. 27 January 2017. Retrieved 13 September 2017.
  4. ^ "A First Look at the Target Intrusion, Malware – Krebs on Security". 16 January 2014. Retrieved 19 August 2021.

and 23 Related for: Payment terminal information

Request time (Page generated in 0.9439 seconds.)

Payment terminal

Last Update:

A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ...

Word Count : 1377

Payment card

Last Update:

accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such...

Word Count : 3163

QR code payment

Last Update:

using a payment terminal. This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks...

Word Count : 1495

Contactless payment

Last Update:

at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular...

Word Count : 5115

EMV

Last Update:

EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept...

Word Count : 9397

National Payments Corporation of India

Last Update:

initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, POS (Point of Sale terminal), Mobile Wallets, MPOS (Mobile...

Word Count : 2604

Electronic funds transfer

Last Update:

through a payment terminal Wire transfer via an international banking network such as SWIFT Automated Clearing House (ACH) E-commerce payment system Electronic...

Word Count : 312

PAX Technology

Last Update:

PAX Technology is a Chinese manufacturer of payment terminals, PIN pads, and point of sale hardware and software. The company is headquartered in Shenzhen...

Word Count : 442

Credit card imprinter

Last Update:

merchants to record credit card transactions before the advent of payment terminals. The device works by placing the customer’s credit card into a bed...

Word Count : 187

Point of sale

Last Update:

registers", which are sometimes also called "POS systems"). To make a payment, payment terminals, touch screens, and other hardware and software options are available...

Word Count : 8145

US Bankcard Services Inc

Last Update:

exclusive software agreement to offer the first multilanguage card payment terminal featuring Chinese and English graphics and text. http://www.paymentssource...

Word Count : 212

Worldline SA

Last Update:

multinational payment and transactional services company founded in 1974. Services offered by Worldline in the areas of Merchant Services; Terminals, Solutions...

Word Count : 2226

Verifone

Last Update:

systems; payment-as-a-service and other managed services, terminal management, payment-enabled media, and payment system security; and server-based payment processing...

Word Count : 5913

Bank card

Last Update:

for making purchases at the point of sale with a bank card using a payment terminal. The first bank cards were ATM cards issued by Barclays in London,...

Word Count : 302

Paytm

Last Update:

mobile payment services to consumers and enables merchants to receive payments through QR code payment, Payment Soundbox, Android-based-payment terminal, and...

Word Count : 3898

EFTPOS

Last Update:

electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit cards or credit cards, at payment terminals located...

Word Count : 3828

Host card emulation

Last Update:

communication channel between a contactless payment terminal and a remotely hosted secure element that contains financial payment card data, to pay at the point-of-sale...

Word Count : 977

Apple Pay

Last Update:

point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It...

Word Count : 6095

Terminal verification results

Last Update:

expired). This data object is used in the terminal's decision whether to accept, decline or go on-line for a payment transaction. The format of the TVR is...

Word Count : 165

Visa Electron

Last Update:

terminals do not support Visa Electron because their systems cannot check for the availability of funds. In addition to point of sale debit payments,...

Word Count : 410

PIN pad

Last Update:

personal identification number (PIN). PIN pads are normally used with payment terminals, automated teller machines or integrated point of sale devices in...

Word Count : 427

Unified Payments Interface

Last Update:

Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI)...

Word Count : 12438

Ingenico

Last Update:

expanded as a manufacturer of point of sale (POS) payment terminals to also include complete merchant payment SaaS and related services. Ingenico was founded...

Word Count : 1114

PDF Search Engine © AllGlobal.net