e-Payment Vocabulary

Merchant – a company that provides on-line purchase services for goods or services to their customers. The merchant signs a contract with a PSP for the service of online payments.

Acquirer – a bank that is in charge for the transactions to transfer funds from bank cards or e-wallets of Merchant’s clients to PSP accounts that are opened in this bank for subsequent payments to Merchants..

PSP –  (payment service provider) is a payment software system vendor that is in charge for accepting incoming transactions, processing and settlement of all transactions of a merchant’s website consumers. PSP has contractual relations with bank-acquirers and integrations; holds and support gateway’s implementation on a merchant website payment pages.

Gateway  – is a merchant service provided by an e-commerce application service provider (bank acquirer) that authorizes credit card or direct payments processing (3DS) for e-commerce businesses and online retailers. By the help of Gateway, PSP is able to handle and control transaction on a daily basis.The Gateway uses the processor for the interaction with a Bank-acquirer.

Payment Page – Merchant uses a specific page to handle transactions. PP is created for each web-site of a Merchant and enables splitting up a transaction arriving at the terminal, in accordance to different gateways.