Payment terminology

General Terms in the Payment Industry

1. PSP (Payment Service Provider)
   A service provider that facilitates payments for online and physical stores (e.g., Adyen).
2. Issuer
   The bank or financial institution that issues the card to the cardholder.
3. Acquirer
   A bank or financial institution that processes and settles payments on behalf of a merchant.
4. Payment Gateway
   A software solution that processes payments between the customer and merchant, often by routing transactions to the acquirer.
5. Merchant Account
   A specialized bank account enabling businesses to accept payments via credit and debit cards.
6. Tokenization
   The process where card details are replaced with a unique code or “token” to increase payment security.
7. Authorization
   A step in the payment process where the issuer grants permission for a payment.
8. Settlement
   The process of transferring funds from the acquirer to the merchant’s account.
9. Chargeback
   A payment reversal, often due to customer disputes or transaction issues.
10. PCI DSS (Payment Card Industry Data Security Standard)
    A security standard mandatory for all entities that process, store, or transmit payment data.

Adyen-Specific Terms

1. Unified Commerce
   Adyen’s approach that combines payments from various channels (online, mobile, POS) into one system.
2. Adyen for Platforms
   A platform solution enabling businesses to facilitate payments for their clients and partners.
3. Adyen API
   The API allowing businesses to integrate payments into their own systems and applications.
4. Terminal API
   An Adyen API for physical POS terminals, enabling direct integration.
5. RevenueProtect
   Adyen’s built-in fraud prevention system.
6. Dynamic Currency Conversion (DCC)
   An Adyen feature that allows customers to make payments in their own currency at the current exchange rate.
7. Risk Rules
   Rules set up to identify and block suspicious transactions.

SmartHOTEL's Smart Payments

1. Smart Payments
   SmartHOTEL’s payment solution specifically designed for the hospitality industry.
2. Self-service Check-in/out
   Functionality that allows guests to check in and out independently, often integrated with a payment system.
3. Kiosk Payments
   Payment options via kiosks, commonly used for self-service in hotels.
4. Payment Automation
   A Smart Payments feature for automated payment processing, for example, settling the bill upon checkout.
5. Multi-Currency Support
   Support for payments in multiple currencies, often essential in the hospitality sector.
6. Loyalty Program Integration
   Integration of loyalty programs, linking payments to customer rewards and loyalty points.
7. Real-time Analytics
   Real-time analysis of payment data to gain insights into revenue and customer behavior.

Technology and Security

1. 3D Secure (3DS)
   An additional security layer for online payments, where customers must complete an authentication step.
2. SCA (Strong Customer Authentication)
   An EU regulation requiring two-factor authentication for online payments.
3. Tokenization API
   An API used to tokenize card details for secure storage.
4. Encryption
   The encryption of payment data to securely transmit information between parties.