2. 3D Secure
A security protocol developed by VISA and
MasterCard designed to combat debit/credit
card fraud online. The system requires users
to provide parts of their banking password or
pin to verify online transactions.
3. ATM
Acronym standing for automated teller
machine; more commonly referred to as a
cash machine in the UK
4. BACS
An acronym standing for Bank Automated
Clearing System. It is the system in place that
banks use to make direct transfer between
accounts. BACS is used for both debit and
credit transfers.
5. Card Security Code
Sometimes referred to as the CVV2, CVC or
CV2 number. This refers to the 3-digit number
on the back of MasterCard and VISA
credit/debit cards. The code is located on the
right of the signature strip and is used as a
security protocol when making online
payments.
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6. CHAPS
An automated system for processing
payments within the UK. The system is usually
used by corporate clients that make multiple
high value payments at once. The system can
be used by anyone although there is usually a
charge of between £25 and £30.
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7. Chip and Pin
A security measure that requires the
cardholder to enter a pin to authorise the
payment. Chip and Pin is used in situations
when the cardholder is present
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8. Digital Receipt
A receipt sent by E-mail usually after making
an online payment. A digital receipt serves the
same purpose as a physical receipt.
9. Direct Debit
A pre-authorised debit on an account that is
authorised by the customer. Direct debit is a
popular way to pay for recurring debts such as
utilities and bills.
11. EPOS
Acronym standing for Electronic Point of Sale.
A card reader used to receive payments by
card. They usually require the consumer to
enter a pin.
12. Faster Payments
A service allowing users to make payments
including direct debits, direct credits and
standing orders almost instantly. The service
is available 24/7 and was launched in May
2008.
13. Hacking
Gaining unauthorised access to data or
information (including bank account details)
through the use of computers
14. In-house payment
A payment that is made between two bank
accounts that are part of the same financial
institute e.g. a payment between 2 people who
belong to the same bank.
16. Mobile banking
A term that refers to the act of checking a
bank balance, transferring money between
accounts or making a payment using a mobile
device (usually a phone or tablet).
17. Mobile Payment
A term that refers to the act of making a
payment using a mobile device (usually a
phone or tablet. This can be done through the
bank’s website using a mobile browser, using
a banking app, using a business’s website to
make a purchase or, less commonly, making
use of contactless technology to use your
phone as an alternative to a card payment.
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18. PayPal
A web based application built to transfer funds
securely between member accounts. PayPal is
free to join and sending money is free
however, there is a payment structure in place
for members who wish to receive money.
PayPal makes use of existing financial
infrastructure and advanced fraud security.
PayPal is the preferred method of payment on
a number of online ecommerce sites including
eBay.
19. PIN
Acronym standing for Personal Identification
Number. A PIN is a security measure that
requires the cardholder to enter a 4-digit code
in order to authorise a payment.
20. POS
An acronym standing for point of sale. A
physical location where a customer can make
a purchase.
22. Standing Order
An instruction from an accountholder to their
bank to pay a pre-arranged amount into
another account electronically at regular
intervals.
23. More Information
O For more information on banking, payment
methods, internet banking and paying with
your mobile phone please visit
Pay Your Way