Payments
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.
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.
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.
CB cards (Carte Bancaire)
Is a French banking network, one of the most common banking systems in France.
Card descriptor
Text that appears on the credit card statement to help the account holder understand the product or service they have acquired during a billing period. It assists card owners in identifying what are the products or services that they paid for.
Crowd equity
Similar to crowdfunding(link to the part of the doc with 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.
Crowdfactoring (Also known as Invoice Trading)
The act of selling businesses’ invoices to individuals through an online platform.
Crowdfunding
A method of raising funds from a great number of individuals, with the aim of financially supporting different projects of the organizations.
E-commerce (Electronic Commerce)
Process of purchase or selling of goods & services via the Internet. It can be performed either by companies or individuals.
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.
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.
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 card to their phone number 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.
Money-in (known also as Pay-in)
Money flow that enters Lemonway’s environment from the bank account of the final user.
Money-out (known also as Pay-out)
Money flow that exits Lemonway’s environment to the bank account of the merchant.
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.
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.
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.
Segregation
A method of protecting customer assets and positions by holding and designating them separately from those of the payment institution.
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.
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.
Virtual marketplace
An e-commerce platform that connects buyers and merchants for the purchase and sale of goods and services.
Updated about 1 month ago