Concepts

Below is a list of concepts used in the documentation and an explanation. In some cases the explanation is general for clarification but in other cases it is a SaltPay's specific explanation.

Merchant contract number/ID: 7 digit number starting with 9 supplied by SaltPay to each merchant.

Recurring payments/regular payments: An ideal way to automatically charge payments to credit cards with regular interval.

SettlementRunNumber: A number that, accompanied with a merchant ID, uniquely identifies a single settlement. A batch can be divided between two different settlements. For unsettled transactions this number is 0.

Collected settlements: Unsettled or due transactions.

Batch: a collection of transactions processed together.

Time of authorization: When payments are processed transactions are made and sent through authorization. If transactions are denied user can either cancel the transaction or correct it and try to resend.

Recurring payments/regular payments: An ideal way to automatically charge paym cards with regular interval.

Ticket: Unique reference to an uploaded payment list.

Batch: Accumulated credit card transactions with a common batch number.

Processor ID: Unless otherwise noted this is is the same as merchant contract number. Where more than one Merchant ID is in use it should be the lowest Merchant ID number.

Virtual card number: A unique number the merchant can store with local data and reference in their communications with SaltPay instead of using actual credit card numbers.

APR: Annual percentage rate according to EU regulations

Customer: The person taking the loan

Cardholder: Owner of the credit card used on the loan contract

Installment: Single loan payment

Loan charge: The cost of taking a loan, added to loan amount and distributed to installments