Standard support for CUP (China UnionPay), an easy payment way, was added to prevent charge backs

Glossary

List of Terms

Acquiring Bank A financial institution which maintains a contractual relationship with a merchant; accepts credit card transactions from the merchant and approves credit card transactions from the credit card company.
Security Code A code which is printed on a credit card, debit card, etc. and is used to confirm the identity of the card. On most cards (including Visa, MasterCard and bank cards), the security code corresponds to the final three digits of the number printed in the signature column on the back of the card. On American Express (AMEX) cards, it is usually a 4-digit code printed on the front of the card.
* The security code is also sometimes called Card Verification Code (CVC) in the case of MasterCard cards, and Card Verification Value (CVV) in the case of VISA cards.
Chargeback A chargeback occurs when a card holder makes a request to the card issuing company to cancel a transaction which was made against the card. The card issuing company will request from the customer a reason for canceling the transaction. The main reasons for chargebacks are the following:
  • The credit card number was stolen and the card was used improperly.
  • The customer did not receive the goods or services which they paid for.
  • The goods or services which the customer received after payment differed considerably from what they expected.
e-Commerce A business model which involves conducting business transactions using the internet, networks, etc.
Rolling Reserve A process which involves withholding a small amount of funds from a merchant's sales proceeds until:
  • The product or service has been supplied to the customer
  • Billing has been made by the credit card company
  • Payment has been completed by the customer
A measure against chargebacks, it takes a few days for the merchant to receive payment after the sale has been made, but in industries where chargebacks are common it negates the effect on the member stores when chargebacks occur.
Merchant Member Store (Your Company)

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