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Types of payments

 
 
Glossary of
Credit Card
Terms
 
There are three ways you may accept credit card payments:

 

  1. Point of Sale. The payer appears at your location with a credit or debit card which they swipe through a machine to enter card information. Your swipe machine(s) may or may not be integrated with your method of managing the other information needed to manage the sale, such as, payer's name or items sold.

  2. Mail order/Telephone order sale. The payer provides all the necessary card information by calling on the telephone or mailing a paper form. Someone in your office then keys all the required information into a machine or payment application designed to process it. Since this method may involve using a written copy of the payer's credit card information, it is important that proper business procedures are in place to maintain appropriate security.
     

  3. eCommerce. The payer enters all the necessary card information into an internet form or page. The form is part of a payment application that completes the processing and provides a receipt to the payer. You, as the payee, should be informed that the payment transaction was completed and of any additional action you should take to complete the business transaction. Rice strongly encourages all eCommerce merchants to use the Touchnet Payment Gateway (TPG) as their payment application.
     

Your business plan may require you to use one or more of these ways of accepting payments. You must indicate on your application which you believe is appropriate for you.


 
 
 
Want to know more about the Payment Card Industry Data Security Standards (PCI-DSS)? Visit this site.

 

 
 
 
Looking for information about PCards? Visit this site for the manual and this site to learn about training.
 
 
 
 
 

 
 
 

 
   
 
Need a copy of the Guide to Card Acceptance and Best Practices from Global Payments?
 
The slides from the Rice PCI training class are here.
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