Bank Identifier Codes/Society for Worldwide Interbank Financial Telecommunication The SWIFT or BIC is a code assigned to a bank that serves as its numerical identity on the international market. These two codes are used interchangeably, but they mean the same thing. They allow for easy monetary transfer and communication among banks, particularly across country borders.

International Bank Account Number (IBAN)

A number code that is used for international payments. It is linked to an individual bank account and identifies the following:

  • the country the account belongs to
  • the bank of the account holder
  • the number of the account itself

The IBAN is made up of a maximum of 34 alphanumeric characters and is utilized in all EU countries as well as in areas in the Middle East and the Caribbean to allow for fast payment processing across borders.

Card Present Transactions

Transactions in which the cardholder and the card are at the point of sale. This type of payment works with our terminal.


A person or entity that is issued a credit or debit account which is accessed through the use of a cardi.e., the client who owns the credit card.


When a credit card transaction is disputed (either at the request of the cardholder or by a card issuer), the dispute is handled through a chargeback. A chargeback will cause the amount of the original sale and a chargeback fee to be deducted from your outstanding balance. Here you can find more information regarding chargebacks.

Chargeback Objection

This is an active response negating a chargeback a customer has made.

As soon as SumUp receives information regarding a chargeback from one of your customers, you will be informed immediately via email. Within a certain time frame we have the possibility to prepare an objection to this chargeback to regain the funds. To be able to do this, we depend on information you provide us and the documents of this transaction. We will actively support you should you dispute the chargeback in order that you recover the amount from the cardholder's bank.

Chargeback Reversal

If the cardholder’s issuing bank confirms our provided information and documents to be sufficient, the status of the chargeback will be reversed and you will regain the funds from the transaction.


Many cards have a smart chip that’s been encrypted with the card’s information, and this chip communicates the registered information to a terminal during a payment. If a chip is on a card, it’s always the preferred method by which to process a transaction as it more secure than the magnetic swipe option.

Chip + PIN  

An EMV standard for payment in the UK, Chip +PIN is a security method to ensure the customer paying with a card is, in fact, the cardholder. When the credit card is inserted into the terminal to record the card information, the terminal requires verification of the card. Depending on the exact required authentication method, the payment could be verified with a 4-digit personal identification number (PIN), or alternatively, with the signature of the cardholder, working in tandem with the chip on the card.

Electronic Money Regulations

Stipulations held by the FCA for firms offering electronic money services such as travel money cards, certain gift cards, pre-paid cards and online accounts used in the place of credit or debit cards. These requirements include an initial amount of capital, the registry of the head office, ensuring that the conduct of the firm's affairs are prudent etc., all of which must satisfy the standards laid out by the FCA in order for the firm to offer electronic money services.


The current global payment standard for credit and debit card payments developed by Europay, Mastercard and Visa (EMV) and now managed by EMVCo. This payment method incorporates smart card technology within the cards in order to add an extra layer of security as it combats counterfeit-card fraud with authentication methods such as Chip and PIN, contactless cards or Chip and Signature cards.

Financial Conduct Authority (FCA)

Independent of the UK government and financed by its members, this financial regulatory body monitors the conduct of retail and wholesale financial services firms in the UK. The body serves to maintain the industry's stability and to protect consumers by overseeing credit unions, banks, insurers and major investment firms with its powers of investigation and enforcement. Additionally, it helps to develop financial policies and authorises firms with its regulated benchmarks that are used to measure, and thus, ensure market integrity.

Fraud Report

If the cardholder claims that he didn’t authorize the transaction, he can send in a fraud report to his bank. Here you can find more information about a fraud report.


This is an official document that confirms a transaction between a buyer and a seller. It typically includes the quantity, name and price of goods/services, date, payment type, invoice number, tax information and merchant and customer name as well as contact details. Here you can find detailed information regarding an invoice.


The issuer is the bank or entity of the cardholder, that is your customer, which distributed the card to the cardholder.

Magnetic Stripe Reading

This occurs when the credit card is swiped through the terminal to record the card’s information stored on its magnetic stripe. Obtaining a magnetic stripe reading proves the card's presence at the time of a transaction.


Mobile point of sale is a smartphone or tablet that is enabled to act as a register in order to process transactions.


Near Field Communication technology allows two digital devices, such as two compatible smartphones, to connect to each other by merely holding them close to each other so that they can communicate without touching each other.


An amount of money paid to an individual or entity.


A proof for the payment for the cardholder issued by the merchant. It contains the quantity, name and price of goods/services, date, payment type, tax information, name and contact details of the merchant, but usually no information about the cardholder. Hence, an invoice is more detailed and prefered as a proof for payment.

Retrieval Request

A retrieval request occurs when a customer requests more information about a transaction than that which appears on his or her credit card statement. Here you can find additional information about retrieval requests.


An act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder's promise to pay for goods or services received from the acti.e., the payment done by card for a purchase/service by the merchant.

Unauthorized Transaction

Any sale for which a cardholder does not provide his/her specific authorization. (This should not be confused with the failure to receive an authorization response from the issuer.)


Value-added tax is a consumption tax that is added to goods and services within the European Union.

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