This glossary define most commonly used terms in Centralpay tools, documentation and tutorials.
You will find here definition and contextualization of financial or computer terms.
Message sent by the payment platform to the cardholder’s bank in order to obtain its agreement for a transaction payment (card validity verification and account creditworthiness). The authorization triggers the requested amount capture on the cardholder’s account, effective for 7 days. Debit is only effective after automatic or manual validation of the transaction by the payment platform.
When one of your customers uses their card to pay you online, you will see in your Web Console that the operation is segmented into two stages: authorization and transaction. The first is a request to the customer’s bank to verify that their card is valid and that they have necessary funds to complete this transaction. It freeze the requested amount (“capture”), effective for 7 days. The second corresponds to the reception of previously collected funds. Generally, transaction directly follow authorization. There are however special cases, such as hotel reservations or car rentals, for which authorization is used to check the creditworthiness of the customer’s account (bankcard imprint).
Backoffice (Web Console)
Interface to perform all administrative and operational management procedures that a customer doesn’t have to face during a purchase (in opposition to frontoffice).
Centralpay Web Console is your daily interface that allows you to visualize your transactions, configure your forms or payment requests, export your data, and administer your transactions security.
A list of individuals, countries, or others who are considered by a particular authority or group to be unacceptable, who should be avoided and who cannot be trusted.
You can administer your personal blacklist from Centralpay Web Console. This function allows you to block transactions from certain clients (poor experience with these clients, etc.), certain countries (political or geopolitical reasons, etc.), certain cards (prepaid cards refusal, etc.). It should be noted that Centralpay defines a common blacklist to all its users that blocks all known fraudsters of the system.
Procedure by which cardholder’s account funds are secured once “authorized” or “pre-authorized”. These funds are placed in “debit pending” by his bank and are therefore no longer available for the holder. Capture is completed once the transaction has been collected by the merchant.
When one of your customers uses his card to pay you online, you will see in your Web Console that transaction debit is in “captured” status. Funds are not yet available in your account but are insured in case of collection. Operation changes to “pending” status and the balance is displayed in “provisional” pending its final receipt. During this period of time (up to 7 days for an authorization and up to 30 days for a pre-authorization), transaction can be cancelled for free and funds released on your client’s account.
Card Scheme Fees
Card networks fees (CB, Visa, Mastercard) are charged for any bank card transaction. These fees vary according to card type (individuals/corporate or debit/credit), holder’s bank origin and payment platform used, as well as payment type (online or in-store from an EPT).
These fees are already included in Centralpay’s pricing. Networks invoice Centralpay for all transactions made by our agents or merchants based on cards used by their customers (card type, card origin, transaction type, etc.).
Card Scheme Fees added to interchange fee make up interchange+ fee.
By adding Centralpay service fee to interchange+, we obtain platform operating cost called “Interchange++”.
CentralPay service fees
Centralpay fees debited on all payment account operations to finance platform operational costs.
A small percentage is taken from each operation that passes through a Centralpay account to finance its operating costs.
For large volumes accounts (over €50k/month), a platform or merchant may obtain a reduction in Centralpay service charges. Added to interchange fees and Card Scheme Fees, they make up the platform’s cost of use: interchange++
Chargeback / Dispute
A chargeback is an online payment cancellation following a client dispute. Also called repudiation.
Current legislation greatly protects online buyers and allows them to cancel any online transaction deemed fraudulent or abusive. To do this, they simply have to inform their bank of the payment references they are contesting and the reason.
In the vast majority of cases, banks will refund their customers and then turn to the e-merchant to recover the committed amount.
After card payment, your customers have the possibility to challenge the transaction with their bank. This challenge may be justified when:
- Fraudulent transactions: transactions carried out following the theft of payment method (cheque book, bank card)
- Transactions made without the client’s approval: a merchant will keep the card imprint and charge the customer a second time without his agreement.
- Failure to receive the goods: bad faith on the cardholder part, who will declare that he or she has not completed the transaction or never received the products ordered while he or she is the transaction originator or has received his or her parcel.
- Forgotten: some customers may simply be convinced that they have never bought on your site and request its cancellation.
The bank will send a justification request to Centralpay, which will forward it to the relevant merchant via the “Chargeback” tab of its Web Console. The requested amount is immediately deducted from the merchant’s account. He has 7 days to send the requested documents to Centralpay (contract signed by the buyer, delivery order, etc.) who will then send them to the cardholder’s bank. If the chargeback status changes to “chargeback_win”, the funds are reallocated to your account. If it changes to “chargeback_lost”, the funds are recredited on the customer’s card.
Distance selling contract
An electronic distance selling contract, is a contract whereby a banking institution allows a company to make payments through an e-commerce website. It summarizes all the payment methods that will be available to the merchant (bank card, Paypal, SEPA transfers, etc.) as well as the pricing conditions applied by the service provider.
To use Centralpay payment services, you don’t need to obtain a distance selling contract from your bank. As soon as your payment account is open, we create your own within 48 hours. This allows you to conduct your transactions remotely without having to pay a subscription and fees to your bank.
A plugin is a computer program designed to add functionality to another software (called host software)..
We have integration packages for main e-commerce plugins of web creation platforms (WordPress type), so you can integrate Centralpay payment solution in less than two minutes on Prestashop plugins, Woocommerce or even Magento
Electronic Money Institution
In order to issue, manage and make available electronic money you must submit an authorization as an electronic money institution to the Prudential Control and Resolution Authority (ACPR). In addition to the issuance, management and provision of electronic money, electronic money institutions may provide payment services or electronic money and payment related services.
To issue this approval, the ACPR check a number of elements concerning the establishment compliance and requires a number of safeguards (financial and technical) to ensure the proper processing of transaction.
Centralpay is an electronic money institution approved by the ACPR (affiliated to the Banque de France). There are many EMI across Europe and the world however those affiliated with the Banque de France are among the safest and most supervised. You sign a contract with a French institution that guarantees your funds security and operations. Unlike a payment institution, we also have the authority to create and distribute electronic money to meet the needs of electronic prize money (cashback, loyalty points, etc.).
External transfer (payout)
Transaction that consists of moving funds from one payment account to another account held in another banking institution (usually a bank) whether owned by the same holder or by a third-party beneficiary.
Payout allows payment account holder to move funds collected from his Centralpay account to his traditional bank account. It can be done manually or programmed automatically (daily, weekly or monthly).
Collecting a transfer from a bank account (IBAN).
If you have authorized this payment method, your customers will be able to settle a transaction by SEPA transfer that will feed into your Centralpay account. You can also supply your account with this same type of transfer. These are incoming transfers.
Interchange is the interbank commission collected directly on each payment transaction by the issuing bank (cardholder’s bank). It varies according to the card type (debit, credit or corporate), the geographical location of the issuer / buyer and the merchant contract.
Interchange is a fee imposed to all payment transactions. It is invoiced to Centralpay after each operation carried out on its platform. Added to the Centralpay service fee and Card Scheme Fees, they make up the platform operational cost: interchange++
Sum of commissions collected on platform’s payment transactions. It is made up of:
- Interchange fee, charged by cardholder bank.
- Card Scheme Fees, charged by credit card networks (CB, Visa, Mastercard).
- Centralpay service fee, charged by Centralpay to ensure platform operational costs and associated services.
Centralpay operational costs is mainly based on Interchange++.
One Time Password (OTP)
One-time password, valid for a single connection. Generally sent to the user by email or SMS, it is intended to secure access to a private or confidential space.
You will find OTP in certain areas of the platform, such as the “my account” or “my profile” Web Console section. These spaces allow personal data or banking data modifications, it is mandatory to secure it with a single-use code, sent on a personal device of the account holder.
Banking operations are: customers funds collect, credit transactions and payment banking services.
All banking transactions made on a Centralpay payment account (transactions, transfers, payments, etc.).
Payment account (Wallet)
Payment account is opened by a payment institution and used exclusively for payment operations (transaction, transfers, etc.).
It makes it possible to collect or make transfers / direct debit and to collect transactions.
Your Centralpay payment account allows you to collect transactions and transfers made from your points of sale, but also to transfer this account balance to your personal bank’s account whenever you want. Your account movements are visible in real time from the Web Console.
There are three Centralpay account types:
- Platform: for marketplace holders or third-party redistribution platforms, it integrate transfer and merchand enrollment functions.
- Standards: for conventional merchants, it integrates all CentralPay functions except platform ones (transfer and enrollment).
- Basics: for platforms affiliated accounts, a simple account allowing collect of transfers made by a platform account and external transfers to the holder’s bank account.
PCI-DSS (Payment Card Industry Data Security Standard)
As an international standard imposed on the payment industry, PCI-DSS certification involves the establishment of a highly secure environment with the following objectives: fraud prevention and bank card data protection during processing and storage.
In order to guarantee the security of all its payment transactions, Centralpay solution is PCI-DSS Level 1 certified, the highest level of bank data security.
PCI-DSS compliance strengthens the protection of sensitive data throughout the exchange network in order to prevent fraud, protect your business and maintain customer confidence.
Point of Sales (POS)
A point of sale is a place specifically organised to receive an audience and to propose them an offer of goods and/or services.
Centralpay points of sale correspond to websites or other channel your payment forms are integrated to (email, in-store, etc.). They allow you to assign different contracts or settings according to your points of sale and to more easily segment your operations.
Message sent by the payment platform to the cardholder’s bank to ensure card validity and account creditworthiness. Pre-authorization triggers capture of a defined amount on the cardholder’s account, effective for 30 days (against 7 days for an authorization).
During this period, the merchant has to issue an “authorization” once the exact amount to be debited is known (after the service has been consumed for example). If the merchant does not intervene, the amount will be released to the customer’s account at the end of the 30 days.
Pre-authorization is generally used in three situations:
- For unknown amount payments in automatic machines (gas dispensers, etc.)
- For deposit (apartment rental deposit, etc.)
- For hotel booking (if the client stays is shorter than expected, or for no-show…)
It allows the merchant to capture a certain amount on the customer’s account and then initiate an “authorization” without the customer’s intervention, once the cost to be paid is defined. This authorization may not exceed amount captured with the pre-authorization.
Sum of all “authorizations” planned for collection.
You have a quick view of your provisional in the Web Console (“account” then “provisional” tabs). It allows you to quickly measure pending funds that will soon be available in your account.
Design template that allows you to have pre-designed custom graphics.
From Centralpay Web Console, you can create different templates, including email or SMS templates for Push&pay payment requests. These templates allow you to customize your payment requests and related reminders (header/ footer/ content e-mail or SMS).
Commercial debit operation of the customer’s payment method, usually a bank card.
The “transaction” follows the “authorization” to debit your client’s payment method. It represents the authorized amount collection.
An operation that involves moving funds from one account to another in the same institution, as it belongs to the same holder or to a third-party beneficiary.
Only used by Centralpay platform accounts, it allows the platform holder to transfer funds to related accounts that they have previously onboarded. This function is mainly used by marketplaces to redistribute funds to merchants involved in the transaction.
A list of individuals, countries, or others who are considered trusted users by a particular authority or group.
Whitelist allows you to override defined or usually applied filters. This allows for example to integrate a list of trusted users (recurring clients, acquaintance, etc.).