Business payments glossary

A financial institution or payment provider that enables a merchant to accept payments and arranges the settlement of processed transactions.

A payout sent to a merchant after customer transactions have been processed, adjusted for applicable fees, refunds, chargebacks, reserves or other deductions.

The Automated Clearing House network used for eligible electronic payments in the United States.

An individual who ultimately owns or controls a company.

An account or payment-platform arrangement used to receive, manage and send commercial funds. It does not necessarily mean that the provider is a bank.

An IBAN assigned for use by a specific customer under the applicable account arrangement.

A UK payment network used for eligible domestic GBP transfers.

An International Bank Account Number used to identify an account or payment destination in participating countries.

A business that sells products or services and accepts customer payments.

A provider that enables merchants to accept payments under a broader acquiring arrangement.

A business that provides one or more services connected with payment acceptance, processing, accounts, transfers or settlements.

The Single Euro Payments Area framework for euro-denominated payments between participating institutions.

A SEPA scheme designed for eligible euro payments to be processed within seconds when both institutions support the service.

An account used to receive payouts from an acquirer, PSP, marketplace or another payment-processing provider.

A global financial-messaging network commonly used in connection with international payments.

An IBAN-like identifier linked to an underlying account arrangement and used to identify or reconcile incoming payments.