Payments Industry

Question 1

Define an Issuing Bank.

Answer 1

An issuing bank, also known as an issuer, is a bank or financial institution that offers payment cards to consumers on behalf of card networks such as Visa, MasterCard, or American Express.

Question 2

What is MOTO credit card processing?

Answer 2

MOTO stands for Mail Order/Telephone Order.

MOTO credit card processing is best suited for businesses that primarily accept card-not-present transactions: Examples include e-commerce and delivery-based businesses. In contrast, Retail pricing is appropriate when the majority of transactions occur in person.

Question 3

What is an EMV card?

Answer 3

EMV stands for Europay, MasterCard and Visa and refers to the increased security of payment card transactions through the use of a chip embedded in credit, debit, and prepaid cards.

Question 4

Define an Acquiring Bank (also known as an acquirer)?

Answer 4

An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. The acquirer allows merchants to accept credit card payments from the card-issuing banks within an association.