E-Commerce words Glossary

P

Password

A sequence of characters paired with a user name that assures only the user with that password can log on with the particular user name associated with it.

Payment Capture

A method used to receive payment. This method is determined by the merchant's bank and/or payment processor.

Payment Gateway

A combination of software and hardware that provides an interface to the bank card processing network.

Payment Methods

a means for accepting payment. The most common are credit card, electronic check, phone charge, corporate account, and invoice.

Payment Processor

A financial institution distinct from the bank that processes data from credit card transactions. Providing pre-authorization, post-authorization, and refund services to businesses accepting credit cards. They are responsible for the distribution of funds between consumers and businesses. Sometimes also referred to as a Transaction Processor.

Private Key Encryption

An encryption system that uses two private keys for encrypting and decrypting messages. Both parties must have a secret key to decrypt a message encrypted by the other. The drawback with this method of encryption is in the difficulty of distributing the private keys.

Processor

A transaction processor, distinct from the bank, that processes data from credit card transactions and then distributes funds from the merchant's bank account.

Public-Key Encryption

An encryption system that uses two keys, a public key for encrypting messages and a private key for decrypting messages, to enable users to verify each other's messages without exchanging secret keys. ecBuilder uses Public Key technology.

Purchase

The act of providing a payment in exchange for a product or service.