The hardware and software used to accept in-person payments, manage inventory, and integrate with accounting or ERP systems. POS can be integrated or standalone, with EMV and contactless capabilities.
Replacing card numbers with tokens at the processor or network level to minimize exposure of sensitive data. Tokens can be used for recurring or card-on-file transactions without storing PANs.
The company handling the technical routing, authorization, capture, and settlement of transactions between merchants, networks, and issuers. Processors may also provide risk tools and statements.
An entity that onboards sub-merchants under its master account, streamlining underwriting and settlement. PayFacs handle risk and compliance responsibilities that would otherwise fall on the acquirer and merchant.
A set of security requirements established by the card brands to protect cardholder data. Depending on processing method, merchants complete different SAQs; hosted pages and tokenization can reduce scope.