Nationwide Payment Systems provides merchant services, credit card processing, POS systems, ACH payments, smart invoicing, and payment Technology for South Florida businesses.
Presented by Allen Kopelman, CEO — Nationwide Payment Systems-Host of B2B Vault: The Biz2Biz Podcast
Payment processing can feel complex, but understanding key terminology helps business owners reduce costs, improve cash flow, and avoid costly mistakes.
This glossary from Nationwide Payment Systems breaks down essential payment terms—from interchange fees and chargebacks to payment gateways and Level 3 data—so you can make smarter decisions about your merchant account, POS system, and invoicing strategy.
Whether you’re running a Retail store, restaurant, or B2B company, this guide will help you speak the language of payments and optimize how you accept Money.
If you don’t understand how payments work, you’re at a disadvantage.
Most business owners:
A bank-to-bank payment method used for direct deposits, bill pay, and B2B transactions.
Why it matters: Lower cost than credit cards—ideal for invoices and recurring billing.
The financial institution that processes credit card transactions on behalf of a merchant.
The process of verifying that a customer’s card has sufficient funds and is approved for a transaction.
The process of settling and submitting transactions at the end of the day.
Pro tip: Delayed batching can increase risk and cause funding delays.
Transactions where the card is physically present (chip, tap, or swipe).
Benefit: Lower fraud risk and lower interchange rates.
Transactions where the card is not physically present (online, phone, invoice).
Risk: Higher fraud and higher fees.
A forced reversal of a transaction initiated by the cardholder through their bank.
Impact: Fees, lost revenue, and potential account termination.
The business name that appears on a customer’s credit card statement.
Tip: Use a clear descriptor to reduce chargebacks.
Secure payment technology using embedded microchips to reduce fraud.
Important: Liability shifts if you don’t use EMV properly.
Simple pricing model (e.g., 2.9% + $0.30).
Reality: Easy to understand—but often more expensive for growing businesses.
Fees set by card networks (Visa, Mastercard) paid to issuing banks.
Key Insight: This is the largest component of your processing cost.
Transparent pricing model where you pay:
Best for: Businesses doing $250K+ annually.
The bank that provides the customer’s credit card.
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// NEW GLOSSARY TERMS
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Enhanced transaction data required for B2B payments.
Includes:
A type of bank account that allows businesses to accept credit card payments.
Technology that securely transmits payment data from your website or POS to the processor.
Examples:
Security standards required for businesses that handle card data.
Failure to comply = fines and higher risk.
Hardware and software used to process transactions and manage business operations.
Examples: NCR Counterpoint, restaurant POS systems, retail systems.
Automated billing for subscriptions or repeat customers.
Use case: Memberships, SaaS, service contracts.
The process of transferring funds from the customer’s bank to the merchant’s account.
A pricing model where customers pay a fee for using a credit card.
Important: Must comply with state laws and card brand rules.
Security process that replaces sensitive card data with a unique token.
Benefit: Reduces fraud and PCI scope.
A web-based interface that allows you to manually enter credit card payments.
Ideal for: Phone orders and remote billing.
If you’re processing payments today, here’s the reality:
This is why payment strategy matters just as much as payment acceptance.
At Nationwide Payment Systems, we help businesses go beyond basic processing.
We focus on:
Book a Demo of NPSONE Smart Invoicing
See how to combine:
All in one platform designed to improve cash flow and reduce costs.
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