Last week, we shared the first part of our list of frequently used acronyms by businesses that accept credit cards in-store. Here is the rest of that list:
7. NFC stands for near-field communication. When a phone is waved or tapped to make a payment, this is the magic of NFC. With NFC, a payment is triggered if wireless technologies are within close range of one another. Mobile wallets depend on NFC to function properly.
8. PCI DSS, or Payment Card Industry Data Security Standards. All businesses that accept credit cards must meet the requirements of these standards in order to be determined “PCI compliant” by their payment processor. A processor can help you become compliant, which can improve your business’s reputation and build trust between you and your customers.
9. POS stands for point-of-sale. Though commonly heard as an insult outside of the payments industry, POS is the hardware network through which a payment transaction occurs. Point of sale may refer to either the actual app that process transactions or the entire system that allows a business to accept credit cards in-store.
10. P2P is person-to-person payments. You may be familiar with P2P when you settle a brunch bill among your friends (think: Venmo or QuickPay). An app communicates with your bank account to send payment to a chosen individual securely and efficiently. Users typically need to confirm identity with their email address and both users need to subscribe to the same network.
11. UW is processor speak for underwriter or underwriting. An underwriter protects the processor or the bank by putting a business through an underwriting process to determine whether or not that business is ready to accept credit cards. It’s nothing to fear, however; most businesses are approved in a short time frame if they are prepared with all the necessary paperwork required by the processor.
12. VAS stands for value-added service. Think of these as à la carte options to enhance your processing experience. Payline offers an attractive array of VAS that accompanies credit card processing needs – whether your in-store, online, or on-the-go.