Terminology

What is Terminology?

  • Terminology is the set of words used within a particular technical application. You can find below terminology of PayHere & what they mean.

Who is a PayHere Merchant?

  • PayHere Merchant is any business entity in Sri Lanka who uses PayHere as a method to accept payments online for their business.

Who is a PayHere Customer?

  • PayHere Customer is any person in the world who makes online payments to PayHere Merchants via PayHere.

What is a Payment?

  • Payment is some amount of money your business receive from a third party. You may receive it for a purchase of a good or a service.

What is a Recurring Payment?

  • Recurring Payment is an amount of money automatically charged from your customer's card as authorized by your customer. You may receive it for a Subscription item created through PayHere Items or through PayHere Recurring API.

What is a Payout?

  • Payout is some amount of money that being paid out or transferred from your PayHere balance to your bank account.

What is PayHere Account?

  • PayHere Account is a virtual financial account that keeps the balance until it's being paid out to your bank account as a Payout.

What is Pending Payout?

  • Pending Payout is the unsettled payment total yet to be paid out to your bank account at a given time.

What is a Fee?

  • Fee is some amount of money that is charged by PayHere for the service we provide.

What is Payout Cycle?

  • Payout Cycle is the scheduled interval in which your funds will be transferred to your bank account as Payouts.

What is Settlement period?

  • Settlement period is the time it takes to settle the funds of a received payment to your bank account. It is usually denoted by T+n (n=0,1,2) which means n days after the transaction date.

What is a Refund?

  • Refund is a Payment that you reverse back to the Payee.

What is a Chargeback?

  • Chargeback is a Payment that is automatically reversed back to the Payee upon the demand by the credit-card or mobile-wallet provider to make good the loss on a fraudulent or disputed transaction.

What is a Dispute?

  • Dispute is when a cardholder or a mobile wallet holder queries a transaction which appears on their card or mobile wallet account statement.

Terminology - PayHere Knowledge Base

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Last updated on 22nd Jun 2018