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Glossary

All the relevant terms that you might encounter while working with Lemonway

Table of contents

 

Acceptor

Any trading institution or service provider that accepts, on its own behalf, or on behalf of its network, payment for goods or services in the form of electronic money.

 

đź”’ Access token

A unique access token that allows end-users to have authorized access to Lemonway API resources.

 

ACPR (L'Autorité de Contrôle Prudentiel et de Résolution)

An administrative authority, a branch of the Bank of France, supervises the banking and insurance sectors in France. Its mission is to provide stability to the national financial system, security to the customers and other actors of the financial structure, as well as build a strong image of the French banking system. ACPR strongly reinforces the AML-TF regulations across financial institutions operating in France. This authority also has the right to execute disciplinary procedures against the organization who have breached the law.

For more information: Qu'est-ce que l'ACPR ? (in French)

 

Acquirer

An entity that maintains the deposit accounts of card acceptors (merchants) and to which they transmit transaction data.

The acquirer is responsible for collecting information and settling with acceptors.

 

Agent

A legal representative was given permission to act on behalf of another individual or organization. An agent comes to power during interaction with third parties, such as negotiations and different deals.

 

AML-TF regulations

A set of standards with the main purpose of preventing the use of the financial system with the intention of money laundering and terrorist financing. These regulations aim to alleviate the disruptive effects of illegal economic activity and stimulate financial stability.

 

⚙️ API

The API, or Applications Programming Interface, is the programming interface that connects Lemonway services to your website. Implementing the API requires using a programming language and therefore a Developer service. For more information about the features, please consult our technical documentation.

 

⚙️ REST API (Representational State Transfer Applications Programming Interface)

API is a software intermediary that helps bring Lemonway services together with our Partner’s website with the aim of exchanging data and performing tasks. REST is a set of rules that are used by API developers to construct the API in a fast, effective way making it less difficult for third-party users to understand.

For more information, please consult our technical documentation.

 

Bank Reconciliation

A process used to ensure that the company's books agree with its business bank statements. That is, the debit balance in the accounts must equal the credit balance in the bank.

 

🔄 Changelog

A list of changes sequentially made to a project.

 

❌ Chargeback

It is the reversal of a credit card payment that comes directly from the bank, chargebacks can appear very similar to traditional refunds, yet there is one very relevant difference: rather than contact the business for a refund, the consumer is asking the bank to forcibly take money from the business account:

  • Theft, fraud, embezzlement, and other cases of unauthorized use of the payment method or related data, receivership, or bankruptcy proceedings against the beneficiary (i.e. the merchant)
  • Transaction refund ordered by the payee (i.e. the consumer) or the payer who gives a payment order through the payee 

Source (in French)

 

đź’ł Card descriptor

A card descriptor is a text rendered on the cardholder's bank statement for a card transaction.

Lemonway's default (free-of-charge) card descriptor is LEMONWAY.COM/PI. In case your client does not manage to link the transaction to your platform, he/she will generally perform a Google search for LEMONWAY.COM/PI and will then be directed to the dedicated Internet page https://www.lemonway.com/pi/. Your client will then have access to our online secured card payment lookup and will be able to easily find out who received his payment.

 

đź’ł CB cards (Carte Bancaire)

Is a French banking network, one of the most common banking systems in France.

 

Crowd equity

Similar to crowdfunding, but is used to collect money for the growth of startups and early-stage companies. In exchange for the capital invested, the company distributes its shares to the lenders. The lenders’ profit depends on the success of the organization.

 

Crowdfunding

A method of raising funds from a great number of individuals, with the aim of financially supporting different projects of the organizations.

 

Crowdfactoring (Also known as Invoice Trading)

The act of selling businesses’ invoices to individuals through an online platform.

 

🔧 Dashboard (Backoffice)

A partner interface for all operations and portfolio management.

 

@ E-commerce (Electronic Commerce)

Process of purchase or selling of goods & services via the Internet. It can be performed either by companies or individuals.

 

Environment name

Corresponds to the name of the partner used for transactions and access to his Backoffice. It has to be in lowercase, with the first letter uppercase.

 

GDPR (European Union’s General Data Protection Regulation)

A privacy and security legal framework, that regulates collecting and processing of personal data of individuals in the EU and European Economic Area. It is aimed at reducing the risk of data breaches and criminals profiting off someone’s private information.

 

❌ Hard Decline

A payment failure is caused by the bank or the card processor denying the card transaction. Unlike with the soft decline, Retrying to pay with the same card will not work.

 

đź’» IP Address (Internet Protocol Address)

A unique numeric identifier of a network device. It contains the location data of the host and makes it available for communication, allowing the transmission of information between different hosts on a network.

 

IBAN (International Bank Account Number)

An international numeric system for identifying individual bank accounts around the world. The code consists of 32 alphanumeric characters: country code, two check digits, and a long unique bank account number.

 

🕵️‍♂️ KYB (Know Your Business)

A process of doing a background check of the business (partner), to establish its compliance with laws and regulations. The aim of it is to avoid the possibility of fraud, money laundering, and financing terrorism. It is an obligatory procedure to be done before establishing a partnership between a business and Lemonway and systematically throughout its continuation of it.

For more information: Know You Business (KYB)

 

🕵️‍♂️ KYC (Know Your Customer)

KYC stands for KNOW YOUR CUSTOMER. It refers to the obligation of any business to gain & maintain sufficient knowledge of its customers.

KYC is a regulatory obligation for Payment Institutions, as set in the European Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing

While it might seem restrictive at first, it should be at the heart of your business concerns and can become a key Competitive Advantage as it dramatically helps reduce fraud as well as reprehensible behaviours on your platform. It is a guarantee for the responsibility & sustainability of your business.

For more information: Know Your Customer (KYC)

Marketplace

Unlike a single-seller e-commerce website, it is an online platform that brings together several buyers and sellers. Merchants can sell either products or services.

MBWay Payments

A payment app that is widely used in Portugal. Users link their bank cards to their phone numbers and, therefore, perform instant transactions. The payment process goes as follows:

  • user selects MBWay on the payment page
  • enters his phone number and gets the payment reference
  • opens the MBWay app to validate the payment using his PIN
  • if everything goes right, the payment status will be shown as Successful.

🔧 Mercanet

A payment solution of BNP Paribas, allowing secure payments online.

 

MID

Merchant ID, a numerical identifier of a business, is assigned by a payment service provider. It allows the business to process credit and debit card transactions.

 

➡️ Money-In

Incoming cash flow to your environment

 

⬅️ Money-Out

Outgoing cash flow to your environment

 

Onboarding

A training process that is used by a business to introduce a new customer to the organization’s internal processes. It helps newcomers learn about the company’s culture, structure, and mission. For more information about Lemonway’s onboarding process, please consult our onboarding documentation.

 

ORIAS (L'Organisme pour le Registre unique des Intermédiaires en Assurance)

A non-profit association that registers intermediaries in insurance, counting the natural or legal persons authorized to carry out the activity of insurance intermediation in France.

 

đź’° Payment account

Payment accounts are defined in the European Payment Services Directive (PSD 2 - Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015 on Payment Services in the European internal market) as accounts opened in the books of a payment institution regulated by a regulatory authority (ACPR - Banque de France for payment institutions registered in France, such as Lemonway for example).

Depending on the merchant activity type (marketplace, a crowdfunding platform, e-commerce, etc.), the acceptance of the merchant's Terms and Conditions (which include Lemonway Terms of Services) generates the opening of a payment account in the name of the user. This payment account is used as a support to payments performed by the user on the merchant's platform.

 

đź”’ PCI DSS (The Payment Card Industry Data Security Standard)

A group of security standards was created for the companies that process, transfer, and store credit card information, to protect cardholder data. The standards apply to all merchants and payment service providers that process cardholder data.

 

PISP (Payment Initiation Service Provider) Solution

A third-party online service provider is authorized to perform immediate payments on behalf of the account owner, after receiving his consent. Money withdrawal occurs directly from the bank account with no need for bank card detail. Examples of PISP: Sofort, Paypal, MobilePay. 

 

🔧Lemonway PRM (Partner Relationship Management)

Lemonway’s internal tool is where all the information is gathered- all departments have access to it.

 

Production

An environment where the partners can manage their funds. It only becomes accessible for the partner if he is properly regulated (declared agent or intermediary in banking operations and payment services) and has completed all his tests.

 

PSD2 (Payment Services Directive 2)

An EU regulation for payment services that promote banking innovation, while preserving consumer security. It mainly focuses on providing third parties access to user information with his prior consent and requiring all e-banking services to implement a multi-factor (at least two-factor) authentication for the payment transactions.

 

đź’» PSP

A Payment Service Provider (PSP) is a service provider that offers payment infrastructures & services for accepting electronic payments (Visa, MasterCard, iDeal, Sofort, etc) online.

Lemonway has partnered with Tier-1 PSPs (ATOS, MONETICO, PAYXPERT, PAYZEN, etc.) and acquiring banks in order to guarantee efficient & secure access to the main online electronic payment “schemes”.

For more information...

 

↔️ P2P

A P2P is a transfer between two payment accounts in the same environment.

P2P transactions are subject to Lemonway KYC rules as well as to the limits (in number and amount of transactions) applied depending on the status of both the issuing payment account and the beneficiary payment account.

P2P transactions can for example correspond to:

  • Transfer from an investor payment account onto the project payment account, in the case of a crowdfunding platform
  • Transfer from a client payment account onto the payment account of the merchant, in the case of a marketplace
  • Automatic transfer of Lemonway commissions from your merchant payment account (SC) onto your Lemonway payment account (LW)
  • Automatic perception of your commissions on the transactions of your clients

Rebill

Rebill (or card subscription or tokenization) is e-credit card registration on the payment page of our partner for crediting payment accounts without customer intervention.

 

⛑ Risk Reserve

The Risk Reserve ("RR") is a security deposit linked to the payment risks of your customers (the merchants using your marketplace...). This amount is placed on the "RR" technical wallet, opened in your Lemonway environment. The Risk Reserve is defined in your contract and depends on Lemonway’s risk analysis of your business model and activity. It is reviewed on a regular basis and can evolve with the risk increase of your payment activity.

In order to place the funds on your "RR" account, please send the bank transfer to the same bank account you use to top up your SC account. Upon receipt of this transfer, Lemonway performs a P2P from the SC account to the RR account to bring the balance of the RR wallet to the level defined by the contract.

 

RTS (Regulatory Technical Standards)

A series of technical compliance regulations, created by the European Banking Authority, set standards for data security and legal accountability. This initiative allows end-users to access safer electronic payments, as well as aims to promote competition in the retail payment market.

 

📦 Sandbox

Also called a test or dev environment, this is an environment where you can perform all the tests you want. It is similar to your production environment.

Please consult our article 👉 Testing your integration before going live for more information.

 

👨‍💼 Salesforce

A CRM (Customer Relationship Management) platform, is used to keep customers satisfied by offering assistance to organizations’ marketing, sales, commerce, service, and IT teams around the world.

 

đź”’ SCA (Strong Customer Authentication)

A regulation, required by PSD2, was implemented with the aim of providing more security and reducing fraudulent activity while executing online and contactless offline transactions. The end-user needs to provide certain forms of identification (such as a PIN code, fingerprint, facial recognition, etc.) to verify that they are an actual owner of the bank account, that he wants to log in to or make a payment from.

 

đź’° SC Wallet/Account

A payment account of the company (partner) in their environment

 

SDD(SEPA Direct Debit) (Also known as European Direct Debit)

A payment scheme that is used for repeated payments within SEPA (Single Euro Payments Area), such as subscriptions and bill payments. It facilitates transaction management, as the communication occurs directly between the banks, and makes the refund process more convenient for the customers.

 

SDD(SEPA Direct Debit) Mandate

A document, signed by a payer and sent to the biller to give the biller the authority to collect payments from his bank account. The mandate is necessary to get payments with the SDD payment scheme.

 

Segregation

A method of protecting customer assets and positions by holding and designating them separately from those of the payment institution.

 

🇪🇺 SEPA zone

The Single Euro Payments Area (or Sepa) is a project initiated in 2002 by banks to make payments between European countries as easy and secure as domestic payments, by introducing three European means of payment: credit transfers, direct debits, and card payments.

Its aim is to make common euro payment methods available at the European level, enabling consumers, companies, merchants, and administrations to make payments under the same conditions everywhere in the European area, as easily as in their own country.

The SEPA zone covers the 28 member countries of the European Union, the member countries of the European Economic Area, as well as Switzerland, Andorra, Monaco, San Marino, and the Vatican.

Source (in French)

 

Sofort (Also known as Pay Now-Klarna)

An online tool used to facilitate the payment process. Creating a Sofort account is not required to use as a payment method. The platform sends the payment confirmation after the user enters his online banking credentials.

 

Soft Decline

A temporary authorization failure occurred due to the rejection by CyberSource. It can happen due to the following reasons: exceeding the card activity limit, system failure, technical issues, or the expiry of the card. Such declines can be fixed after another attempt.

 

TAN (Transaction Authentication Number)

A single-use passcode, allowing to process of online banking transactions. It is an additional verification tool, apart from user login and password.

 

đź’° Technical Account/Wallet

(Only applicable for platforms MKP and ECM) An account where the money is held. Transitional wallet, that collects all payments from the payer and temporarily holds the funds before transferring them to the Payment Account.

 

Virtual marketplace

An e-commerce platform that connects buyers and merchants for the purchase and sale of goods and services.

 

đź’° Wallet (Online wallet)

An account in the Lemonway environment where the money is stored.

 

đź’» Whitelisted IP Address 

An IP Address that was granted access to a specific network. Whitelisting is a way to make a network available to only those particular users, who were approved earlier.

 

đź”’ 2FA (Two-factor Authentication)

A type of multi-factor authentication, that requires an additional login credential to get access to online accounts. Two-factor Authentication is executed with the help of the 2FA App (available both on smartphones and laptops), which shows an additional code after the user enters his login and password on the relevant site.

 

đź”’ 3D-Secure (3DS)

A protocol was created to provide additional security for online card transactions. It aims to verify the user’s identity, usually through the bank website or app. The use of 3DS is required by SCA in Europe for card payments on the Internet.

Updated about 1 month ago