Payment Processing

Terms

What is a BIN?

BIN (Bank Identification Number) is the first 6-8 digits of a payment card number that identifies the issuing bank, card type, and geographic location for transaction routing and processing.

What is ACH?

ACH (Automated Clearing House) is an electronic network that processes batches of credit and debit transactions in the US, enabling direct bank-to-bank transfers like direct deposits and bill payments.

What is BNPL? (Buy Now Pay Later?

BNPL (Buy Now, Pay Later) is a payment option that allows consumers to purchase items immediately and split the cost into smaller, often interest-free installments over time.

What is CVV

CVV (Card Verification Value) is a 3 or 4-digit security code printed on payment cards, used to verify that the person making an online or phone transaction physically possesses the card.