Knowledge Base Archives | Page 5 of 13 | Starting Business

What is an EFT

EFT is an abbreviation for Electronic Funds Transfer. It is a method of transferring funds electronically from one bank account into another, therefore eliminating the requirement for individuals and companies writing, issuing or depositing cheques. Individuals and…

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What is a cash card

A cash card, also referred to as an ATM card, is a pocket sized plastic cash that enables the card holder to withdraw money. A cash card can be a debit card, prepaid card or a store card that allows the holder to purchase goods and services. Cash cards are…

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Why obtain an online payment solutions

An online payment solution is a method of payment that uses the internet as a platform. Many customers pay for goods and services through online payment solutions, such as using credit and debit cards. Retailers who wish to accept this payment method are required…

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Why use virtual credit card processing

Terminals that process online credit card transactions are called virtual terminals. The main purpose of virtual terminals is to allow credit and debit card payment transactions to be successfully completed through the medium of the internet. Virtual terminals boast…

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UK payment services regulations

Payment services regulations in theUKare regulated by the FSA – Financial Services Authority in theUK– who actively promote and maintain the standards as set by the Payment Services Directive (PSD). The UK government appointed the UK FSA to enforce and maintain the standards as…

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What is online billing

Online billing is a process of paying bills through using online card solutions such as credit or debit card payment. It is an increasingly popular method of conducting payment transactions as it is accessible to individuals worldwide. The method of online billing is an…

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Electronic Funds Transfer Act

EFT stands for Electronic Funds Transfer and the EFTA stands for the Electronic Funds Transfer Act of 1987. The impetus behind the EFTA 1978 was to protect individuals engaging in electronic fund transfers. The EFTA 1978 is enforced through ‘Regulation E’ which is a…

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What is PCI compliant

The term PCI is an abbreviation for Payment Card Industry. Retailers and merchants that wish to accept and process card holder data are required to conform to a set of requirements as stipulated by the payment card industry data security standard (PCI DSS)…

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Disadvantages of cheques

Cheques are a traditional form of offline payment solutions that enable individuals and companies to pay for goods and services. This form of payment often causes delays in completing a transaction as they usually have a certain date that they are signed for…

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