Payment Switch definition

Payment Switch means on-line electronic transaction processing payment infrastructure that connect different payment channels to the payment processors and enablers’ e.g. InterSwitch.
View Source
Payment Switch means an online electronic transaction processing payment infrastructure that connects different payment channels to the payment processors and enablers’ e.g. InterSwitch.
View Source

Examples of Payment Switch in a sentence

  • The Planet Payment Switch will receive the batch close command and will prepare the Transactions for clearing to the Planet Payment Merchant Accounting System.

  • Typically the authorization response will be received by the Planet Payment Switch within 6 seconds after the authorization request is initiated from the Planet Payment Switch.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will out-process the Transactions to Visa and MasterCard through Planet Payment’s Platform in the Cardholder Settlement Amount.

  • In the event of transaction time-out between the Planet Payment switch and POS during this period wherein Planet Payment Switch detects this condition using the prescribed methods from the APACS 40 interface, Planet Payment will initiate and forward a ‘Online Transaction Reversal’ to Card Associations for onward routing to issuers.

  • Upon receiving an authorization through Card Association networks, Planet Payment Switch will forward the authorization response to Acquirer or Acquirer Merchant POS as may be required.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will out-process the Transactions to Visa and MasterCard through Planet Payment’s Platform in an amount equal to the Purchase Amount.

  • The Planet Payment Merchant Accounting System will receive inbound Transaction clearing files from the Planet Payment Switch and will send authorization log files and deposit files to Acquirer Platform in mutually agreed formats and at mutually agreeable intervals.

  • Typically the authorization response will be received by the Planet Payment Switch within 6 seconds after the authorization request * Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission.

Related to Payment Switch

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

  • Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Payment Plan means the schedule of payment prescribed in Schedule C;

  • Payment Schedule ’ means a schedule which sets out—