The percentage fee a merchant pays per transaction, typically comprising interchange, network assessments, and processor markup. The effective rate is total fees divided by total volume.
An app or service (e.g., Apple Pay, Google Pay) that securely stores payment credentials and uses tokenization to complete transactions. Wallets can support both in-person (NFC) and online checkout experiences.
A card linked to a checking account that draws funds directly at the time of purchase. Debit transactions may be processed as PIN (online debit) or signature (offline debit) depending on the route and network rules.