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Merchant Customer Exchange (MCX) was an American company created by a consortium of U.S. retail companies to develop a merchant-owned mobile payment system, which was to be called "CurrentC." The joint venture was announced on August 15, 2012.
Merchant Account Providers give businesses the ability to accept debit and credit cards in payment for goods and services. This can be face-to-face, on the telephone, or over the internet. Credit cards have become the preferred method of payment in today's market, making a merchant account essential for most businesses.
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards.A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
Many merchants offer subscription services, which require payment from a customer every month. SaaS payment processors relieve the responsibility of the management of recurring payments from the merchant and maintain safe and secure the payment information, passing back to the merchant a payment "token" or unique placeholder for the card data.
The payment gateway converts the message from XML to ISO 8583 or a variant message format (format understood by EFT Switches) and then forwards the transaction information to the payment processor used by the merchant's acquiring bank. The payment processor forwards the transaction information to the card association (e.g. Visa, Mastercard ...
Microsoft chose the name "Merchant Server" because, at that time, Netscape was shipping a product named Commerce Server. [8] [9] To avoid trademark issues, Microsoft needed a different name. When Merchant Server was folded into Site Server, they were able to use the term "Commerce" as a subtitle to the trademarkable "Site Server" name.
A merchant plug-in (MPI) is a software module designed to facilitate 3-D Secure verifications to help prevent credit card fraud. [1] The MPI identifies the account number and queries the servers of the card issuer (Visa, MasterCard, or JCB International) to determine if it is enrolled in a 3D-Secure program and returns the web site address of the issuer access control server (ACS) if it is ...
Merchant services is a broad category of financial services intended for use by businesses. [1] In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device.