As I got forcefully engaged in a conference call about Online Brand Shop today, I stumbled across some new words that I never known before.
Because it is E-commerce acronym, I decided to define its meaning for any situation where I probably use the concept again.
Definition
Excerpt from https://www.heropay.com/glossary/merchant-of-record/
A merchant of record is the organization that assumes the overall liability of any outstanding credit or debit balance on a merchant account. The merchant of record may be a third party organization or Acquirer bank and typically handles the administrative duties of the merchant account such as statements, PCI compliance, in addition to the fiduciary liability held.
Terminology
PCI Compliance: This indicates the technical and operational standards that businesses are required to adhere to in order to ensure that cardholder data is protected. The Payment Card Industry Data Security Standard applies to companies of any size that accept credit card payments. If your company intends to accept card payment, and store, process and transmit cardholder data, you need to host your data securely with PCI compliant hosting provider.
Merchant Account: is a type of bank account that allows businesses to accept payments in multiple ways, mostly debit or credit cards. A merchant account is established under an agreement between and acceptor and a a merchant acquiring bank for the settlement of payment card transactions.
Merchant Acquiring Bank: also known as an acquirer is a bank of financial institution that processes credit or debit card payments on behalf of a merchant. The acquiring bank enters into a contract with merchant and offers it with a merchant account.
