Understanding the payments industry can be overwhelming for newcomers, with its wide array of jargon and technical terms. Whether you are just starting your journey in payments or are looking to explore this field in greater depth, it’s essential to grasp the terminology used across various platforms, reports, and articles. This guide provides a comprehensive list of key terms in the payments landscape, giving you a clear overview of how each concept fits into the broader ecosystem. Here’s an introduction to some of the foundational concepts that will help you navigate the world of payments.
2C2P Merchant Account
When businesses onboard onto a payment platform, they must set up a merchant account. With 2C2P’s platform, once the onboarding process is completed, merchants gain access to a comprehensive merchant portal. This account offers the ability to view transactions in real-time, providing 24/7 access to transaction data. The merchant account also allows businesses to manage individual transactions, download reports, and stay in control of payment processes at all times.
Alternative Payment Methods (APM)
Alternative Payment Methods (APMs) refer to payment solutions that allow merchants to accept payments without relying solely on credit or debit cards. These include methods like bank transfers, counter payments, self-service terminals, e-wallets, and mobile payments. APMs are crucial for businesses aiming for global expansion, as they enable merchants to cater to local preferences in various regions. For example, 2C2P’s integrated platform connects merchants to over 400,000 alternative payment points worldwide, enhancing their ability to serve a diverse customer base.
Application Programming Interface (API)
APIs are a core part of modern payments infrastructure. An API is a set of rules that allows software applications to interact with each other. In the payments world, APIs enable seamless integration between merchants’ systems and payment gateways, simplifying the process of accepting and processing payments. 2C2P’s Redirect API is an excellent example, providing merchants with a simple way to integrate payment gateways into their existing systems with minimal technical overhead.