The Top 10 Payment Terms For Every Independent Sales Agent

If you’re an Independent Sales Agent then you’re sure to agree that there’s a lot to remember in this job, especially if you’re working in the payment industry. You need to have a firm grasp not only on all of the different types of credit card machines but also on all the intricate details of how, exactly, payment is processed. This task may sound tough enough, but in an industry that evolves as rapidly as this one, it can be daunting to stay up-to-date. To help make it easy to stay in the know on all the latest advancements, you’ll find a list of the top 10 payment terms below.

  • Ancillary Fees: This collection of fees includes monthly minimums, statement fees, customer service fees and more.
  • mPOS: A mobile point of sale is a mobile device that can be used for processing payments. These are also frequently referred to as mobile credit card readers.
  • EMV: Credit cards with EMV chips can be scanned by enabled credit card machines. This method of transmitting payment information is more secure than the traditional credit card swiper.
  • Merchant Processing Agreement: The contract between a merchant and their merchant services provider.
  • Monthly Processing Limit: This is the maximum amount a merchant can process at their usual rate.
  • Mobile Wallet: Mobile Wallets are applications that allow users to pay through their phone, tablet or smart watch.
  • Chargeback: A chargeback is incurred when a customer disputes a payment and asks their credit card company to negate the charge.
  • P2Pe: Point-to-point encryption allows a customer’s payment information to be encrypted via a third party and decrypted by the payment terminal.
  • Tokenization: Tokenization is another payment security solution. It involves creating a non-sensitive token from a user’s payment information and transmitting this token to process payments.
  • PCI Compliance: The Payments Card Industry sets rules and regulations which merchants must follow in order to accept credit cards.

 

Now that you’ve read up on all of these terms, you should feel prepared to deal with even the newest technology in the payment industry. And if you’re looking for more of the most cutting-edge advancements in the payment industry, try researching WOW Payments. They allow merchants to accept credit cards for free and provide incredible security and customer service.

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