A glossary of common terms used throughout the Payrix platform and documentation.
In order for a payment facilitator to get up and running they must enter into an agreement with an acquiring bank or payments institution, which must be a licensed by the card networks. The acquiring bank first underwrites the payment facilitator ensuring they have the necessary infrastructure, technology, policies, and procedures to operate effectively. The acquirer is responsible for receiving the data and money from the card networks, then passing that data and money to the payment facilitator.
The balance of an entity account recorded in the Payrix system that shows the positive or negative balance for fees and/or transactions that have been collected.
The process of adding your clients (merchants) to the Payrix Platform to utilize our payment solutions.
The date when the resource object was originally created.
The login ID of the user that created the resource object.
A disbursement is when Payrix sends an ACH transfer to an entity’s (Merchant or Referrer) bank account. A disbursement happens when an entity schedules a withdrawal (payout) from their Payrix Available Balance.
Breakdown of the line-items within a disbursement to understand what made up the disbursement total based on income and expenses.
Represents the portfolio associated with a Referrer. Every merchant will be associated with the Referrer Division. This is where workflows are set up to automatically add merchants to groups when created, and also where the white-label is configured.
This refers to any merchant or referrer account operating on the Payrix Platform. In API terms, an entity represents the top-level resource for any merchant or referrer account.
Record of the movement of funds for an entity, including transactions and fees.
Is registered with the Processor as the payment facilitator and and assumes risk and liability for the portfolio. The facilitator usualy provides the infrastructure necessary for their sub-merchants to begin accepting credit card payments. They underwrite and onboard the sub-merchants and then provide them with the technology they need to process electronic payments and receive the funds from those payments.
A collection of entities where you can configure fees, decisions, and parameters that apply to all entities in the group.
Level 2/Level 3 Processing
Level 2 and Level 3 data refers to the additional transaction data provided by Merchants and used by credit card companies to classify a payment processor into different interchange rates. Level 2/Level 3 processing involves the inclusion of Level 2 or Level 3 data during a transaction.
An entity that can process transactions has been onboarded with Worldpay for processing.
Represents the login ID of the user that last modified the resource object.
The account that receives funding and/or is debited if the Available Balance goes into the negative.
Along with the acquiring bank, a relationship with a processor is necessary to operate as a payment facilitator. The processor is responsible for processing and settling the transactions that are initiated by the payment facilitator’s sub-merchants.
The payout or withdrawal schedule determines when an entity will be funded - whether its daily, weekly, monthly or specifies a percentage or fixed amount to be funded.
A partner entity in our system that will receive fees collected from merchants.
Is the movement of money between a cardholder and a merchant to purchase a good or service.
The login of a user accessing the Payrix system or associated with an API KEY for requests sent to our API.
Automation on a division, team or user that seamlessly adds or removes an entity from specific groups when it is created by a login, added to a division or added to a team.