payment-processing

Vocabulary Word

Definition

'Payment-processing' is how businesses get paid when customers use credit cards or other digital methods. It takes money from the customer's bank account and puts it in the business's bank account.

Examples in Different Contexts

In technology solutions for businesses, 'payment processing' refers to the software and services that manage transactions. A tech consultant might note, 'We provide state-of-the-art payment processing solutions for seamless transactions.'

Practice Scenarios

Tech

Scenario:

We're looking to build a secure, fast, and user-friendly payment system for our app. This could greatly enhance user experience and increase our customer base.

Response:

I agree. An upgrade to our payment-processing system would indeed improve our user experience and possibly expand our customer base.

Business

Scenario:

We have a new type of product, and we need to make sure our payment system can support these transactions. It's vital to maintain customer trust.

Response:

Correct, let's review our payment-processing capabilities to ensure we can handle these new product transactions.