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.