Terminology

Terminology
Description
Example
Customer
A consumer buying items from the merchant.
John Doe from Amsterdam, the Netherlands shopping on Platform.com.
Recipient
A party, identified by a RecipientID, that offers products or services on a merchant’s platform and will receive funds for this.
ShoeShop Inc., a business selling shoes on Platform.com.
Recipient Database
Contains all parties active on a merchant’s platform that will receive payouts for services or goods sold. These can, for example, be sellers on your marketplace or service providers such as insurance companies or logistic partners.
ShoeShop is entered into the Platform.com Recipient Database and receives a reference ID ‘123’. All required information (address, owner, bank account) is stored within this database.
Transaction
An incoming payment, processed by Payvision.
A payment of €50 made with a Visa Credit Card or iDeal.
Payment Group
A group of all incoming transactions.
All processed transactions are grouped in a transaction group before they are assigned to a SliceGroup.
Refund
Returning a payment to a consumer.
The shoes did not fit and the €50 will be refunded to the customer.
Chargeback
A refund instruction issued by the consumer or his/her credit card issuer for a disputed or fraudulent transaction.
The customer did not recognize the €50 charge on his/her statement and wants his money back via his/her card issuer.
ReturnGroup
All refunds and chargebacks are assigned to the platform’s return group. These can be linked to a SliceGroup or will be debited from the Merchant Virtual Account.
All refunds and chargebacks are assigned to the platform’s return group. These can be linked to a SliceGroup or will be debited from the Merchant Virtual Account.
Platform Account
The virtual account with Payvision that holds all the merchant’s balances.
Platform.com’s balance in Euro and Dollars with Payvision.
SliceGroup
A container for all transactions related to an order with the merchant.
The Customer’s order of €50 with OrderID #123 is assigned to a SliceGroup with ID 123. From this SliceGroup, payment instructions then slice the funds to the recipient, ShoeShop, (€40) and to Platform.com (€10) for its commission and logistic services.
Slice / Slice Instruction
The process of splitting funds from a SliceGroup and transferring the funds to a recipient or to the marketplace account.
The €50 in the SliceGroup are sliced to each recipient (€40 to ShoeShop and €10 to Platform.com).
Recipient Account
The virtual account with Payvision that holds the balances for recipients.
The balance for all shoes sold via the platform.
Payout
A payout flushes the available balance and remits the funds to the linked bank account.
A payout instruction for Recipient 123 will remit the full €40 balance to its linked IBAN account, NL12ABNA12345678.
KYC (Know Your Customer)
A legally required process for financial institutions to confirm the identity of their customers at various levels. Without the confirmation, Payvision cannot remit funds to a recipient or platform.
ShoeShop Inc. is underwritten and checked by Payvision via an (semi-)automatic process of validating the owner’s passport, the company’s registration ID and its bank account.
Slice Fee
The fee charged for a Payout request.
Upon payout, the merchant (Platform.com) is billed an amount for the costs of transferring the funds to the recipient’s bank account.
Coupon
A coupon can be credited to a Slicegroup by the platform and can be used to add non-refundable funds to a slicegroup, i.e. to fund a markerting expenditure.
Platform.com runs a promotion and hands out $20 discountcodes to new clients on its platform. ShoeShop, the seller, does not contribute to this promotion, so when a new client uses this code the transaction may be lower than the amount that may need to be paid to the seller. Platform.com can fund the slicegroup for the amount of the coupon, $20, and use this funds to pay his seller. A coupon will not be paid back to the platform by assiging transactions to the Slicegroup.