Payment Glossary: 70+ Payment Terms and Definitions for 2026

Card Not Present refers to remote card payments made online, in apps, or through recurring billing. It affects fraud controls, interchange costs, and the data issuers use to approve or decline a transaction.

CNP, card absent transaction, remote card transaction

Interchange is the issuer fee built into card settlement. For payment teams, it affects margins, card mix, routing choices, and how issuers behave on approvals and declines.

interchange, issuer fee, interchange rate

A Merchant Category Code classifies what a business sells and travels with each card transaction. The right code helps payment teams manage interchange, issuer risk checks, and avoid unnecessary declines.

MCC, merchant category code, merchant category