Payment Industry Vocabulary

Situation: A client is unsure about different payment methods.

Question: What does a 'Payment Gateway' primarily do?

• Manages customer service

• Secures and facilitates online payment transactions

• Provides loans to businesses

• Tracks inventory

Match the following

• A bank account that allows businesses to

• Merchant Account

• A refund requested by a customer

• Encryption

• A method to protect data

• Chargeback

• An online platform for buying, selling

• E-commerce

Organize these options into the right categories

Groups:

(a) Security Measures

,

(b) Payment Processing

• Authorizing Transactions

• Payment Settlement

• SSL Certificates

• Fraud Monitoring

Situation: A client asks about how to protect their customer data.

Question: What is the purpose of 'Tokenization' in payment processing?

• To increase transaction speed

• To replace sensitive data with non-sensitive equivalents

• To generate financial reports

• To reduce transaction fees

Situation: Advising on the integration of a new payment system.

Question: Integrating multiple payment options on a single platform makes the checkout process more ​ (a)   .

• flexible
• restricted
• uniform

Match the following

• Biometric Verification

• Adds an extra layer of security during online transactions

• 3D Secure

• Ensures a secure environment for cardholder data

• PCI Compliance

• Uses physical traits like fingerprints to confirm identity

Organize these options into the right categories

Groups:

(a) Customer Convenience

,

(b) Technical Requirements

• High server uptime

• Responsive design

• One-click shopping

• Multi-currency support

Situation: A workshop on enhancing customer trust in online payments.

Question: Why is 'SSL Certification' important for an e-commerce website?

• It increases website loading speed.

• It verifies the legitimacy of the business.

• It encrypts data transferred between the user and the site.

• It advertises the products more effectively.