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Getting to Know Drake Pay
Getting Started with Drake Pay
Drake Pay Integrated Point of Sale (POS) Devices – Available in Early 2024
Getting Paid with Drake Pay
Contacting Drake Pay Customer Support
Payments Glossary of Terms - Quick Reference Guide
|Acquirer, Acquiring Bank, Acquiring Financial Institution, Bank, or Sponsor Bank
|Refers to an entity, typically a financial institution, that processes payment card transactions for merchants. See also Payment Processor.
|Refers to American Express Travel Related Services Company, Inc. or its successors or assigns.
|Card or Payment Card
|Refers to an account, or evidence of an account, authorized and established between a Cardholder and a Payment Network, or representatives or members of a Payment Network, that the merchant accepts from Cardholders/customers as payment for a good or service.
|Refers to the person or entity to whom a Card is issued or who is authorized to use a Card.
|Card Network, Network, or Payment
|The role of a card network is to facilitate transactions between merchants and card issuers. To do this, card networks create virtual payment infrastructures and charge merchants interchange fees for processing credit or debit card transactions. The four major credit and debit card networks are Visa, Mastercard, American Express, and Discover.
|Card Present (CP) Transaction
|Refers to when payment details are captured in-person, at the time of the sale. Typically card present transactions cost less than card not present Transactions because there is more risk when there is no person or card at the time of purchase.
|Card Not Present (CNP) Transaction
|Refers to when neither the cardholder nor the payment card is physically present at the time of the transaction.
|Refers to the reversal of any Transaction pursuant to the Operating Rules for whatever reason.
|Client, Merchant, Sponsored Merchant
Sub Merchant, Tax Preparer, or Tax
|When these terms are used in reference to Drake Pay, they are referring to the legal entity identified in the Drake Pay Merchant Application.
|Refers to a type of payment that allows cardholders to make purchases without physically handing their card to the merchant or requiring the merchant to swipe it through a Point of Sale (POS) device. This technology, also referred to as “tap & go,” enables cardholders to tap their phone or card at an enabled POS device to authorize payment.
|Refers to Discover Financial Services, LLC or its successors or assigns.
|Refers to Mastercard International Incorporated or its successors or assigns.
|Payment Facilitator or Launchpay
|When these terms are used in reference to Drake Pay, they are referring to Launchpay LLC.
|A vendor that handles the transactional logistics of accepting credit and debit card payments. The role of a payment processor is to manage authorization and settlement of card transactions. When a consumer/customer uses a card to pay for their purchase, the processor receives the request and sends it to the card network. Once the network returns the authorization response, the processor routes that response back to the merchant. After transactions are authorized, they must be settled, which means that the funds must be moved from the consumer’s/customer’s bank to the merchant’s bank. The processor manages this process as well.
|Refers to the Payment Card Industry Data Security Standards.
|Refers to the transfer of funds from the acquirer to the merchant. For Drake Pay merchants, settlement typically occurs within 2 business days from the date of sale.
|Refers to the account maintained by the Merchant at a bank or depository institution acceptable to the Acquirer for credits and debits related to transactions, refunds, chargebacks, processing fees, indemnified losses, and other amounts payable to Acquirer or the Payment Networks.