Payments Glossary
| Acquiring Bank | the financial institution that maintains the organization’s merchant account, and enables them to process credit transactions. The acquiring bank sends transactions requests to issuing bank for authorization. |
| API | Application program interface (API) is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. |
| Authorization | approval from an issuing bank or card network that the cardholder has sufficient funds to cover the cost of the transaction |
| Authorization Fee | A fee charged when a transaction is sent to an issuing bank for authorization |
| Batch Processing | Multiple transactions are held in a batch and uploaded together |
| Capture | A hold placed on the cardholder's funds, by the card issuing bank or card network, after authorization. |
| Card Verification Code (CVV) | the 3 or 4 digit security code on the back of the payment card that is used to authenticate the consumer during a card-not-present transaction. Increases security of the transaction. |
| Chargeback | the reversal of a credit card charge. The cardholder receives the funds back, and the merchant is debited for the chargeback amount. |
| Encryption | A process of converting card data into text, which can only be unlocked with a secure access key. |
| Flat Rate | A bundled processing rate which promotes transparency, simplicity, and protection against hidden fees. |
| Credit Card Fraud | using stolen credit card information to charge purchases or withdraw funds from an account |
| Friendly Fraud | a cardholder purchases good or services, then purposefully requests a chargeback from their issuing bank after receiving the goods or services in order to receive their money back |
| Interchange Fees | varying fees charged by card networks and issuing banks for processing transactions |
| Issuing Bank | the financial institution that issues credit/debit cards to consumers |
| Payment Gateway | verifies a card's validity, and sends card information to payment processor if approved |
| Payment Processor | the institution that facilitates the transfer of financial data between the merchant and the constituent's card network or issuing bank |
| PCI Compliance | Any company that processes card payments must be compliant with PCI (Payment Card Industry) regulations set by the card networks |
| Tokenization | A process of protecting and securing card data. NeonPay converts credit card numbers to a string of characters called tokens, which can then be processed without ever exposing the card details themselves. |
NeonPay Glossary
| Organization | Your company using NeonPay to process transactions |
| Merchant | an organization that accepts payments from constituents |
| Merchant Account | a payment processing account managed by an organization |
| Payment Processor | the institution that facilitates the transfer of financial data between the merchant and the constituent's card network or issuing bank |
| Application | the software product you connect to NeonPay |
| Constituent | the person providing payment to the merchant |
| Transaction | an account activity; either a charge, refund, payout, dispute recovery, or dispute refund |
| Charge | funds that NeonPay has collected from a constituent in a given transaction |
| Charge Captured | funds approved for settlement by card network or issuing bank - now marked Successful in NeonPay |
| Settlement | funds successfully transferred to NeonPay |
| Refund | funds taken from NeonPay and given back to constituent |
| Amount | funds removed from the constituent's account for a given transaction |
| Amount Paid | funds the organization can expect to receive in their bank account for a given transaction |
| Net | total funds received after applicable fees |
| Balance | the current total funds held in your NeonPay account |
| Payout | funds collected over a period of time that were sent to your bank account |
| Statement Descriptor | the description that appears on constituent's bank or card statement |
| Dispute | a constituent-contested charge |
| Dispute Recovery | funds debited during a dispute that have been returned to your NeonPay account |
| Dispute Refund | disputed funds given back to the constituent |
User Types
| Administrator | can read and pull data, initiate refunds, manage disputes, edit merchant account information, manage organization users |
| Staff | can read and pull data, initiate refunds, and address disputes |
Charge Statuses
| Canceled | charge was canceled before it succeeded |
| Failed | charge was declined by card company or card issuing bank |
| Partially Refunded | a partial amount of the original charge has been refunded |
| Pending | charge is processing, funds are being held by card network or card issuing bank |
| Refunded | charge refunded successfully and has left your NeonPay balance |
| Succeeded | charge completed successfully and has entered your NeonPay balance |
Refund Statuses
| Refund Failed | refund was declined by card network or issuing bank - funds still in NeonPay |
| Refund Pending | refund is queued for processing |
| Refund Processing | refund is in process |
| Refunded | refund successful |
| Returned | refund processed but could not complete - funds still in NeonPay |
Payout Statuses
| Denied | payout was requested but did not begin processing |
| Failed | payout failed during processing |
| Processed | payout transferred to your bank account |
| Processing | payout to bank account is in process |
| Requested | payout was initiated and has not begun processing |
| Returned | payout was rejected by the bank and sent back to your NeonPay account balance |
Dispute Statuses
| Closed | dispute has resolved [need to know if "accept dispute" results in this status] |
| Lost | dispute has resolved in cardholder's favor |
| Open | dispute is waiting for merchant response, or is in process |
| Won | dispute has resolved in merchant's favor |
Merchant Account Statuses
| Not Ready | merchant account application has not been completed |
| Pending | merchant account application is processing |
| Rejected | merchant account failed underwriting approval and has not been created |
| Verified | merchant account created |
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