Tech Glossary: Payments

 

Digital Payment Methods


ACH (Automated Clearing House) Payment

   A secure electronic funds transfer system that enables businesses to transfer funds between bank accounts within the United States. ACH payments are commonly used for direct deposit of payroll, vendor payments, and recurring billing.


API-Based Payments

    Integrating payment functionality directly into business software or applications using APIs (Application Programming Interfaces). This allows seamless and secure payment processing within existing workflows.


Blockchain-Based Payments

   Utilizes blockchain technology for secure and transparent B2B payments. Blockchain ensures data integrity, reduces fraud, and accelerates settlement times by providing a distributed and immutable ledger.


Cryptocurrency Payment

    The use of digital currencies like Bitcoin, Ethereum, or others for B2B transactions. Cryptocurrency payments offer the potential for fast, borderless, and secure transactions, but their adoption in B2B is still evolving.


eCheck

   A digital version of a traditional paper check, which is processed electronically through the ACH network. eChecks offer the convenience of electronic payments while leveraging familiar check-based payment methods.


EDI (Electronic Data Interchange)

    A structured electronic communication method that enables businesses to exchange business documents, such as purchase orders and invoices, in a standardized format, improving efficiency in B2B transactions.


EFT (Electronic Funds Transfer)

   A general term for electronic payment methods that allow businesses to transfer funds from one bank account to another. EFT includes various technologies such as ACH, wire transfers, and online banking transfers.


Electronic Invoicing (eInvoicing)

    The process of creating, sending, and receiving invoices electronically. eInvoicing reduces manual paperwork, speeds up payment processing, and enhances accuracy in B2B transactions.


Invoice Financing Platforms

    Online platforms that allow businesses to obtain immediate working capital by selling their outstanding invoices to investors or lenders at a discount. This provides liquidity while waiting for customers to pay their invoices.


Mobile Wallet

    A digital wallet application on a mobile device that stores payment card information and enables businesses to make payments using their smartphones. Mobile wallets offer convenience and often support various payment methods.


P-Card (Procurement Card)

   A corporate credit card issued to employees for making authorized business purchases. P-Cards streamline purchasing processes and expense tracking within organizations.


SEPA (Single Euro Payments Area

   A European Union initiative that harmonizes electronic payments within the Eurozone, allowing businesses to make cross-border euro-denominated payments as easily as domestic payments.


Supplier Portals

    Online platforms that enable suppliers to submit invoices, track payments, and manage their interactions with buyers. Supplier portals enhance communication and collaboration between businesses in the payment process.


SWIFT (Society for Worldwide Interbank Financial Telecommunication)

   A global messaging network used by financial institutions to securely transmit information and instructions for international money transfers. SWIFT codes help identify banks and facilitate cross-border payments.


Virtual Credit Card

   A one-time-use or limited-use credit card number generated for specific transactions. Virtual credit cards enhance security by preventing the exposure of the actual credit card number during online payments.


Wire Transfer

   A fast electronic transfer of funds from one bank account to another, often used for high-value transactions. It involves the direct transmission of funds between banks and is commonly used for international payments.


---

Other Topics: 

Artificial Intelligence

Data Analytics 

Financial Technology



---

Return to blog

Return to glossary

Comments

Post a Comment

Popular posts from this blog

The Evolution of Expert Systems

How has Expert Systems Changed Over the Years? Expert systems have come a long way since their inception, evolving from early historical systems to advanced modern solutions.  These intelligent software applications have revolutionized the way businesses operate, providing invaluable insights and decision-making capabilities.  In the realm of business-to-business (B2B) Software as a Service (SaaS), expert systems have played a transformative role, empowering companies with enhanced efficiency, accuracy, and competitive advantage. Birth of Expert Systems: The birth of expert systems can actually be traced back to over 50 years ago, when researchers began exploring ways to replicate human expertise in a computational form, known as artificial intelligence (AI) and machine learning (ML).  Early expert systems relied on rule-based programming, where a set of rules and heuristics encoded the knowledge of human experts.  These knowledge-based systems were designed to mimic...
Read more

How Modern Expert Systems are Transforming B2B SaaS Startups

The emergence of modern expert systems has had a profound impact on B2B SaaS startups, reshaping the way they operate and deliver value to their customers. How can expert systems save cost for SaaS Startups? Startups typically have limited financial resources, so financial planning and cost saving are top of mind.  Expert systems provide an avenue for reducing operational costs by automating labor-intensive tasks, minimizing the need for additional human resources, and lowering the risk of errors.  Moreover, these systems offer scalability-allowing businesses to handle increased workloads without significant investments in their workforce.  With expert systems, new B2B SaaS startups can save money while maintaining high-quality standards. How can expert systems enhance customer support and self-services? Furthermore, customer support and self-services are positively impacted by expert systems.   Using natural language processing and machine learning algorithms, ...
Read more

Part I: The Power of Edge Computing and Real-World Case Studies

What is edge computing? Edge computing refers to the decentralized processing of data closer to the source, typically at the "edge" of the network, rather than relying solely on centralized data centers at other locations.  Wow, that is a mouthful of phrases.  What does all that mean?  It means that instead of sending all data to the cloud for processing, a significant portion of data processing, storage, and analysis takes place locally, near the devices and sensors that generate the data. In today's rapidly evolving digital landscape, where data is generated at an unprecedented rate, traditional cloud computing infrastructure faces limitations in terms of latency, bandwidth, and security.  Edge computing is a transformative paradigm that promises to revolutionize how data is processed and analyzed (aka speed up and improve efficiency and accuracy), giving new possibilities in modern computing and AI systems. How does modern edge computing reduce Latency?  One ...
Read more