PrismPay is a secure, PCI certified payment gateway that offers custom, online international merchant accounts, alternative payment options and fraud management solutions to merchants and banks across the Latin American Caribbean Region, Europe and Asia Pacific region.
Local Authorization & Settlement
When you present your credit card as payment the merchant’s terminal will typically contact their transaction processor, which then contacts your card issuer to confirm that there is sufficient funds or credit to cover the purchase.
When the card issuer’s computer system approves the transaction, it creates an authorization on your account. This means that, while the money has not actually been paid to the merchant yet, your available credit is reduced by the amount of the authorization, so that the credit is set aside and cannot be spent at another merchant. Often the customer may not be aware of the amount of an estimated authorization, and may be surprised to find the available credit on the card is lower than expected.
When a purchase is made all details of that purchase are collected in a cetralized location and put into a settlement. PrismPay processes settlement records per industry guidelines and regulations to qualify your transactions for the lowest rate. Settlements can all be done automatically or manually. The entire process is entirely automated, including the printing of balance reports and bank deposit records.
Descriptor functionality gives the merchant the ability to modify the statement descriptor on a per-transaction basis. Using this feature, the merchant gains the ability to change this information according to the merchant’s discretion per member type, sub-account, time, service type, business model, type of end-user or however the merchant sees fit.Dynamic Descriptor serves as an additional customer authentication tool for the merchant. It prevents end-users from the ambiguities of static descriptors which often result in chargebacks.
Dynamic Currency Conversion
Dynamic Currency Conversion (DCC) is a financial service in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. Currently this feature is only possible for Visa and MasterCard networks.