An acquiring bank (or acquirer) is a financial institution that maintains the merchant's bank account and processes their credit and debit card payments on behalf of the card networks (like Visa and Mastercard). They are licensed by the card networks to provide merchant accounts. In the case of Stripe, they act as the acquirer for [...]
A Mobile Point of Sale (or mPOS) is a system that uses a smartphone, tablet, or other wireless device to perform the functions of a cash register or electronic point-of-sale terminal. Apps like Charge for Stripe are mPOS solutions, enabling businesses to accept credit card payments on the go, without being tied to a physical [...]
Point of Sale (POS) refers to the time and place where a retail transaction is completed. The term has expanded to include the hardware and software system that a business uses to manage sales. This can range from a traditional cash register at a counter to a comprehensive software system on a computer or tablet [...]
A payment gateway is the technology that securely captures and transmits payment data from the merchant to the payment processor. For an in-person transaction using an app like Charge for Stripe, the gateway encrypts the card information the moment it's tapped, inserted, or manually entered, and sends it securely to the processor (Stripe) for authorization. [...]
A merchant account is a special type of bank account that allows a business to accept and process electronic payment card transactions. When a customer pays, the funds are first sent to this account before being transferred (payout) to the business's regular bank account. Payment service providers like Stripe provide a merchant account as part [...]
A payment processor is a financial company that handles credit and debit card transactions on behalf of a merchant. It acts as the intermediary between the merchant, the customer's bank (issuing bank), and the merchant's bank (acquiring bank). When a customer makes a purchase, the processor sends the transaction details through the card networks to [...]
