A glossary of common terms used through the Payrix Integrated platform and documentation.
Acquiring Bank: 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.
Available Balance: 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.
Boarding/Onboarding: The process of adding your clients (merchants) to the Payrix Platform to utilize our payment solutions.
Created: The date when the resource object was originally created.
Disbursements: 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.
Disbursement Entries: Breakdown of the line-items within a disbursement to understand what made up the disbursement total based on income and expenses.
Entity: 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.
Entry: Record of the movement of funds for an entity, including transactions and fees.
Merchant: An entity that can process transactions has been onboarded with Worldpay for processing.
Operating Account: The account that receives funding and/or is debited if the Available Balance goes into the negative.
Payment Processors: 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.
Transaction: Is the movement of money between a cardholder and a merchant to purchase a good or service.
User/login: The login of a user accessing the Payrix system or associated with an API KEY for requests sent to our API.
Workflow: 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.