Frequently Asked Questions
- What is DCC?
In any commercial environment where payments are made by credit card, there will be a certain proportion of customers who are 'foreign' customers and who are using credit cards issued in their home country.
Dynamic Currency Conversion is a unique service, which allows card transactions to be processed in the cardholder's home currency. The cardholder is given the option to pay in the currency of their card or the currency of the Country they are purchasing in.
A DCC Terminal converts the transaction into the cardholders chosen currency at a competitive exchange rate. A receipt is generated which shows a) the native currency amount, b) the exchange rate and c) the amount in the cardholders chosen currency.
Dynamic Currency Conversion (DCC) of 'foreign' credit card payments at point-of-sale is a merchant process and is now offered by merchants using the Monex DCC service in the USA, United Kingdom, France, Germany, Belgium, Netherlands, Italy, Spain, Portugal, Austria, Thailand, & Singapore.
- How does it work?
It’s Easy to use. With GN-Epay after the customer enters the unique order number (provided by the Authorized Merchant only), it is possible to verify the payment details, such as
- the amount due
- the currency used
- the payment conditions (such as the deposit or the balance payment due and when)
Then, the customer types the credit card information and submits it to allow the system to process the transaction.
After the payment is approved by the Bank with an authorization code, which is displayed on the payment page, the customer can print a receipt. The system automatically sends to the customer an additional e-mail notifying that the payment was received.
In case of split payment (deposit and balance) the customer will be automatically notified and reminded by e-mail on the due date.
- What is a Front End System?
- In the most general term a Front End System is an interactive interface to the user which facilitates the communication with another computer like a web server used to process data.
- What is a Secure Payment System Gateway?
A Secure Payment Gateway helps other Processors conduct secure business on the internet using Secure Socket Layer (SSL) technology.
It provides a system that passes credit card data, authorization requests, and authorization responses securely over the internet using state of the art encryption technology.
The transaction information is sent by the Payment Gateway's secure servers to the credit card network where the validity of the card is checked and the availability of funds on that account is verified. An authorization code is returned to the Payment Gateway. The data is encrypted by the Payment Gateway and transmitted in encrypted form to the web server of the merchant, which triggers fulfillment of the order.
- What is an Authorized Merchant?
- A business or corporation that (pursuant to a merchant agreement) agrees to accept credit cards, debit cards, or both, as a method of payment for goods or services. In terms of Internet Commerce is any Web site that is selling products or services to direct consumers or other business.
- What is a Merchant Agreement?
- A written agreement between a merchant and a bank that contains their respective rights, duties and warranties, with respect to acceptance of the bank card and matters related to the bank card activity.
- What is a Customer-to-Vendor E-payment?
- An E-Payment (electronic payment) is any kind of non-cash payment that doesn’t involve paper check. The main methods of electronic payments include credits and debits cards. A customer-to-vendor payment is commonly used when you shop online at an e-commerce site.
- What is AIS (Account Information Security) program?
- Account Information Security (AIS) is a globally mandated program that focuses on data security. The purpose of the AIS program is to help merchants and payment processors improve their data security measures in order to safeguard Visa cardholder account and transaction information.
- What is An Acquiring Bank?
- An Acquiring Bank is an institution, or organization, where a merchant has an account to process transactions and credit payments. A Multi-Currency acquiring Bank has the capability to process transactions in a variety of currencies.
- What is a Card Issuer?
- Card Issuer is the financial institution or organisation which issues a credit card to the Cardholder and whose name appears on the credit card or who enters into a contractual arrangement with the Cardholder.
- What is a Cardholder?
- An individual to whom a Credit Card has been issued or who is authorised to use that Credit Card.
- What is a Transaction?
- This is any action between a cardholder and a merchant that results in activity on the account, such as an authorisation and settlement.
- What is Settlement?
- The step in the clearing process when the acquirer credits the merchant account with the amount of a credit card purchase and the card scheme credits the acquirer and debits the card issuer for the transaction.
