What will change after SEPA and why the BIC? Globalization is advancing, and with it the standardization of payment systems. Thanks to SEPA, the traditional bank sort codes and account numbers have almost become obsolete for both private customers and companies. The following content show exactly what is behind terms such as SEPA, BIC and […]

Flexible integration of payment systems In e-commerce, payment systems are a widespread option for cashless payment. There are currently more than 40 common payment systems in Germany, but only some of them are used by many consumers, such as invoice, advance payment, cash on delivery, direct debit or credit card. According to various studies, 80 […]

Payment Options Payment options are diverse in e-commerce. A particular payment method is always implemented when both merchants and customers find it secure and not problematic. Operators of online stores usually offer several different payment options. Classic payment systems such as payment on account are available for payments. Pure online payment systems such as PayPal […]

Payment Method In the online store, the customer places his selected items in the shopping cart and takes them to the virtual checkout. This is where the decision is made as to whether the purchase will actually be made if the desired payment method is offered. The selection of payment methods in e-commerce is currently […]

Online Payment Processing Basically, the term payment processing refers to the transfer of money from a debt by the debtor to a beneficiary or other legal entity recognized by the beneficiary. Online payment processing is of great importance in the everyday lives of consumers as well as in the business world, and this importance is […]

Pay by Invoice The payment behaviour of customers on the Internet differs significantly from that in stores. Whereas convenience is the main factor in deciding whether to pay in cash or by debit card when paying in stores, the decisive aspect when ordering online is that the payment method is secure. Particularly in the case […]

What are the payment methods? There are usually three payment methods for purchases in brick-and-mortar stores. In addition to payment in cash, these are the EC card and the credit card. However, those who choose to buy online have far more options in this respect to pay for the ordered goods. Accordingly, an order can […]

Webmaster A webmaster takes care of the planning, design, development, marketing and maintenance of a website, several pages or even applications on the World Wide Web. The term was invented and coined by Tim Berner-Lee, the inventor of the Internet. Originally, the term webmaster was used to refer to the administrator of a website, while […]

VU Number The VU number, the contract company number, is used to identify a credit card acceptance contract. This is what enables customers to pay for goods by credit card in the first place. The merchant concludes the contract with the acquirer, a bank or contracting company commissioned by a credit card company to hand […]

Wallet – the electronic wallet In cashless payment transactions, the term accordingly means electronic wallet; it is also referred to as e-wallet or digital wallet. This virtual wallet is loaded with a credit balance. The stored money can be spent at a later date on various occasions and in many cases anonymously. Recharging is most […]

Virtual Terminal If a payment provider provides a merchant with a special website that can be used as a checkout, this is referred to as a virtual terminal. Its use saves the merchant from having to have its own checkout system. Furthermore, a virtual terminal acts as a connection to the service provider, for example, […]

Escrow Account An escrow account is used to hold assets that are not owned by the account holder. The account holder therefore maintains the account for the account of another person. Depending on the type and agreement, a distinction is made between open and hidden trust accounts; a special form is the escrow account. The […]