Terminology

3D Secure
3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. The name refers to the "three domains" which interact using the following protocols: the merchant/acquirer domain, the issuer domain and the interoperability domain.

Acquirer
A financial institution or bank that accepts credit and debit card transactions from cardholders; making the process of shopping both online and in normal stores faster and easier for both the merchant as well as the customer. Pay. is acquirer for payment methods such as credit card, iDEAL and Bancontact.

AIS
Account Information Service; an online service which provides consolidated information on payment accounts held by a payment service user with payment service providers. Pay. is licensed under PSD2 to perform this service.

AML
Anti-Money Laundering is a set of policies, procedures, and technologies that prevents money laundering. As a PSD2 certified institution, Pay. is obliged take all possible measures against money laundering.

API
Application Programming Interface. A set of defined rules that explain how computers or applications communicate with each other.

ARN
An acquirer reference number, or ARN, is a unique number created in credit or debit card transactions when it transfers from the merchant's bank through the payment processor, and to the cardholder’s bank. These unique digits make your transaction traceable so if an error occurs with the bank or merchant accounts, the information can be found.

Authorization Processor
A system that interfaces with a payment network to authorize financial transactions

Authorize*
On card payments, like Visa, Mastercard and Amex or BNPL payment methods you can reserve (authorize) an amount on the balance of the payer. You can use this reservation for a limited timeframe, for example 30 days. In that period you need to either capture or void the authorization.

Authorization Group
A group of Rights that can be assigned to an entity like User or Token. To use the rights the Merchant must have the Rights as well.

Behaviourfee
To force upgrades to newer version and modern (more secure) technologies, we or payment methods can charge a fee for using legacy platforms or versions. Support on API's in legacy state is limited.

BIN
Bank Identification Number e.g. the code for the issuing bank for a credit card. The BIN is the first 8 digits of a credit card number or PAN. In the past, 6-digit BIN's were used. BIN is also known as Issuer Identification Number or IIN.

BNPL
Buy Now, Pay Later; payment methods that allow you to receive the goods before you pay for it. Pay. offers a variety of these payment methods such as Riverty, Klarna and Billink.

BOPIS
Buy-Online-Pick-up-in-Store service allows customers to buy products online, avoiding to spent extra time on shipping or shopping in the offline store. The payment can be done in advance, using our regular online payment methods or in-person through one of our (M)POS terminals or even SoftPOS.

Capture
Claiming the reserved money for an pre-authorized payment. This can be done for both creditcards and BNPL or Installments.

Card Not Present
Or CNP - A transaction via the card rails where the cardholder is not near the merchant. So the 'card is not there'. Those transactions have a higher risk, so the costs can be higher than with Card Present.

Card-on-file
Card-on-file (CoF) is the storing of customer card and payment information by a merchant, i.e. keeping card information “on file”. A card-on-file transaction is therefore a transaction which involves the cardholder authorizing a merchant to store their card information and bill them when appropriate.

Card Present
Or CP - A Transaction via the card rails where the card data is retrieved from the physical card. It can be a terminal transaction or a SoftPos transaction. The card data can be retieved via the EMV chip, NFC scan or via a Digital Wallet, like Apple Pay or Google Wallet.

Card schemes
Payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. The best known card schemes are Visa, Mastercard and American Express.

Challenge
A credit card transaction for which the issuing bank requires extra card holder identification.

CIT
Customer Initiated Transaction. Transaction where the card holder starts the transaction and provides for the card details.

Clearing
The procedure to mark transaction ready for settlement. Put them in a clearing file that can be used to make the settlement.

Company Name
The statutary name of your company as registered with the Chamber of Commerce.

Conversion
The ratio of the number of successful transactions and the total number of attempts.

CPoC
Contactless Payments on COTS (Commercial of the Shelf) is a way of using a mobile device with NFC as a means for Card Present payments. This standard provides for contactless acceptance solutions that have been developed and lab-tested to protect payment data.

Customer
Person or company that buys something from a merchant. In some cases also referred to as (end) user.

customerKey
An unique indicator that is related to the Payment Instrument that is used. For a Sepa transaction it can be a hashed IBAN number for a Card Payment the PAN, PAR or Scheme.AccountID will be used. The most accurate indicator to the Payer is selected. The Scheme.AccountID is the IBAN number that is associated with the cardholder. If a user has more than 1 card, they still have the same IBAN nummer for all cards. It can also be a hashed email address. This field is related to the customerID that is, due to masking not unique.

Direct Payment Processing
A transaction made via the Direct Payment Processing Endpoint. Where there is no redirect flow via a Hosted Payment Page or TGU. The payer can start a transaction (CIT) via the website or point of sale of the merchant, or the merchant can start the payment without interaction with the payer (MIT). There is a direct response. If the transaction is not fully completed, the status can be fetched via the status endpoint or status changes can be sent via the Exchange Module.

ECR
Electronic Cash Register, i.e. the electronic device where instore payments are processed.

EGI (dutch)
Elektronischgeldinstelling > electronic money institution. An electronic money institution is a company whose business it is to issue Electronic money.

EMV
EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard. EMV cards are smart cards, also called chip cards, integrated circuit cards, or IC cards, which store their data on integrated circuit chips, in addition to magnetic stripes for backward compatibility.

Entity
Actions can be performed by an entity. An entity can be a User (person that is logged in or via the portal (A-####-####) or a third party session via a Licence (AL-####-####) or a System (via a Token (AT-####-####)). An entity has rights and settings. If you perform an action you need the rights that belong to that action and be within the limits of the settings.

Electronic money
Electronic money (e-money) represents a monetary value that is stored electronically or magnetically. This value can then be used to make payments at other parties than the one that issued the electronic money. Examples of electronic money include plastic gift vouchers that can be used to pay in shops and webshops.

European Economic Area
The European Economic Area, abbreviated as EEA, consists of the Member States of the European Union (EU) and three countries of the European Free Trade Association (EFTA) (Iceland, Liechtenstein and Norway; excluding Switzerland).

Exchange URL
Location where we send any status changes of an object. Mostly connected to the serviceId. Can be configured in the Global Management System or on Transaction Level via the Transaction Gateway Unit. If a request fails and the retry scheme is activated we retry the request.

EX-code
The unique ID of a transaction. Also known as transactionId. This variable is returned when starting a transaction.

Frictionless
A credit card transaction can be checked for up to 100 different (technical) parameters that identify the cardholder. If the automated identification is successful, the transaction can be approved without further interaction with the card holder, thus improving the conversion.

Fulfillment
The process where the merchant takes steps to deliver an order to the buyer.

Global Management System (GMS)
Global Management System where a user can change settings for payment processing. Like configuration, optimalisation, routing and VERIFY settings. This platform distributes the information to the different TGU's.

Hosted Payment Page
A page created and hosted by Pay, that can be customised in look and feel and configuration via the Global Management System. This can be used to send a paylink via the Cashboard or via any TGU if no payment method choice is sent in. We will show the best screen based on the payer's environment (location / device) and redirect to the Direct Payment Processing flow after selection of the preferred payment method.

HSM*

A Hardware Security Module (HSM) is a physical device designed to securely generate, store, and manage cryptographic keys. It provides high-assurance protection for sensitive operations like encryption, decryption, authentication, and digital signing, often used in banking, payment systems, and data security infrastructures.

Installments
Paying in a number of equal monthly parts. Pay. offers a variety of these payment methods such as in3, Klarna, CreditClick and SprayPay.

Issuer
A financial organization or bank that grants credit or credit cards through card associations.

KYC
Know Your Customer is a set of procedures for verifying a customer's identity before or while doing business with banks and other financial institutions.

LVE
Low Value Exemption payments (below € 30) may be exempted from SCA. However, the bank may still trigger strong authentication if, within a 24-hour period, this exemption has been used five times since the customer's last successful authentication or the total value spent on the card without SCA exceeds € 100.

MCC
The Merchant Category Code classifies what business a merchant or even a sales location is in. For credit cards this is important for the risk score.

Merchant
The company or individual who sells a service or goods.

Merchant Token
A Token (AT-XXXX-XXXX) that combined with a shared-secret can be used to get access to different API endpoints. A token is assigned to different Authorisation Groups or to 'Full' authorisation (all the options that the merchant can perform).

MIT
Merchant Initiated Transaction. Transaction where the merchants starts the transaction without interaction with the card holder, using stored card details.

NFC
Near Field Communication is used for contactless payments on a POS. Many phones and smartwatches have NFC nowadays, so they can be used for in-person payments as well.

Object Codes
A code that Pay. is generating for human interaction. It allways starts with an textual indicator like AT for Api Token, SL for Service Licence or M for merchant. Then some groups of numbers in the 4-Digit format (####). Those objectCodes can be shared without issues for identification of a property.

orderLines
A group of variables that make a line on a statement. The quantity, productId, productType and product value (currency, amount and vat).

PAN
Primary Account Number e.g. the payment card number. Often, only the first 6 and last 4 digits are visible, hence the term Masked PAN. In your transaction overview in the Pay. admin, you see Masked PAN's for credit card transactions.

PARes
Payment Authentication Result; the encoded result of a 3DSECURE authentication.

Payee
Person or company that is receiving the funds of the payment.

Payer
The person that performs the payment.

Payment Core
A system that can process transaction, delivers one or more Transaction Gateway Units (TGU) with the Hosted Payment Pages and service the Direct Payment Processing options.

Payment Verification Method
A payment can be secured by different methods. On a card present transaction via a terminal it is known as the Card Verification Method (CVM), and iDEAL transaction can be verified by the desktop, a QR code or by APP2APP payment. We combine all the options to the Payment Verification Method list to unify that insight.

PCI-DSS
The Payment Card Industry Data Security Standards is a global information security standard designed to prevent fraud through increased control of credit card data. PAY. is PCI-DSS certified on the highest level (1).

PII
Personally Identifiable Information; cardholder data that is used to authenticate a customer account or its owner.

PIS
Payment Initiation Service; an online service which accesses a user’s payment account to initiate the transfer of funds on their behalf with the user’s consent and authentication. Pay. is licensed under PSD2 to perform this service.

POS
Point of Sale is the term officially used for both the cash register software and the terminal that is used to pay with physical cards. Often the terminal itself is referred to as POS. A portable (mobile) terminal is also called MPOS.

PSD2
The Revised Payment Services Directive. It is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies.

Public Name
The name of your company you want to show to the general audience. This can be a catchy name, rather than the more formal Company Name.

Reconciliation
An accounting process that compares two sets of records to check if the figures are correct. This is done to match the clearing funds to the orders. Pay wil reconcile all received payments with your transaction if we settle the funds with the payment method supplier. The merchant will reconcile the settlement with the transaction in the clearing files.

Recurring
Recurring payments means customers only have to enter all of their information once, knowing that the payment will be processed periodically (for example each month). They don't need to remember to pay a new invoice each billing cycle, but rather they can just rely on the fact that it's all taken care of.

Retry Scheme
A sequence of retries of a failed exchange call. Can be configured on Integration level or Service Level. If the sequences are completed, we will send a email to all contacts in the Global Management System that have activated technical incidents in their notifications settings.

SCA
Strong Customer Authentication is an extra layer of security, also known as two-factor authentication. It means that customers may be asked for two different pieces of information when making purchases online.

SCT
A SEPA Credit Transfer is a payment from one company or individual to another company or individual. Settlement is in 24 hours.

serviceId
The serviceId (SL-####-####) is related to a merchant, you can make several ServiceId's. ServiceId's can have payment methods activated, use the verify module and you can set-up exchange calls. Based on the ServiceId we can optimize payment settings for increased conversion and eliminate unwanted risks.

Settlement
Sending the funds to the merchant's registered bank account.

SIC
The Standard Industrial Classification is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas. The SIC system is also used by agencies in other countries, e.g., by the United Kingdom's Companies House. See for a full listing: https://www.osha.gov/data/sic-manual

SICT
The SEPA Instant Credit Transfer scheme enables pan-European credit transfers with the funds made available on the account in less than ten seconds.

SoftPOS
SoftPOS is a new form of payment software, which allows you to receive payment via an Android smartphone. This is done through a dedicated app that uses NFC to read the card data and to encrypt these data.

SPOF
Single Point Of Failure. The weakest link in the network or chain of partners. To process a transaction a lot of parties are involved. If one of the parties is unavailable, there is a chance that the transaction will be aborted. We route transactions through different channels, multiple processors to acquirers. Integrate multiple TGU's to get the highest availability.

Surcharge
An additional charge, fee, or tax that is added to the the initially quoted price. In the context of payments it is the fee that (partially) compensates for the costs of a certain payment method. Bear in mind that under PSD2 it is prohibited to charge a payment fee for card payments. Exemptions are three-party-schemes such as American Express, cards issued outside of the European Economic Area (EEA) and business cards (i.e. credit cards on the name of a company). Even when the surcharge ban does not apply, the amount of any surcharge imposed cannot exceed the cost incurred by the merchant in accepting the particular payment method. On June, 30th 2023, the dutch Supreme Court ruled that charging a payment fee to a BNPL transaction would make it a unregulated loan, which can be fined by the dutch Authority Financial Markets.

Technical Product Provider
A third party who has developed their own integration with the Pay. platform. If this service is offered to joint customers, we advise to certify the integration via a certification project. Certified projects are included on the integrations list available to all merchants.

TLS
The Transport Layer Security protocol aims primarily to provide security, including privacy (confidentiality), integrity, and authenticity through the use of cryptography, such as the use of certificates, between your server(s) and our platform. Currently, Pay. supports TLS versions 1.2 and 1.3.

Trade Name
A protected name for one of your company's activities. A company can have multiple Trade Names, all of which should be registered with the Chamber of Commerce.

Transaction Gateway Unit (TGU)
Transaction Gateway Unit, is fed with merchant information, CORE data and specific payment method data and can be used to process transactions via the redirect flow or payment flow. It sends data after payment confirmation back to the GMS where transaction operations can be performed.

Tokenization
The process of storing sensitive data in nonsensitive tokens that can be used by the merchant without any risk of leaks. Pay. is allowed to store this information as it has the highest PCI-DSS clearance.

transactionId
The unique Id that identifies a specific transaction. This is needed to update the status of a transaction on your end.

UBO
Ultimate Beneficiary Owner; the natural person that receives profits from a company at the end of a chain of ownership.

UNIX Time
Also called Epoch time; the number of seconds that have passed since the UNIX Epoch on January 1st, 1970 00:00:00 UTC.

User
Depending on the situation, this can be a person that has (limited) access to the Pay. account of the merchant, or it can be the enduser that buys something from a merchant.

UTC
Coordinated Universal Time or UTC is the primary time standard by which the world regulates clocks and time. It is not adjusted for daylight saving time. It is effectively a successor to Greenwich Mean Time (GMT).

VERes
Verify Enrollment Response; indicates if payer authentication is available for the card number.

Void
Remove the reserved money for a pre-authorized payment. This is applicable to creditcard payments, BNPL and Installments. Although technically incorrect, this is sometimes also referred to as a refund.