Structured Creditor Reference In order to be able to accurately allocate a transaction, both the payee (creditor) and the payer (debtor) require a reference in payment of a SEPA credit transfer or direct debit. This reference can be structured with XML tags or consist of an unstructured continuous text with a maximum length of 140 […]

Security Deposit When a payment is made by credit card, a so-called security retention or deposit is due on the cleared amount. For credit cards, the security deposit is between 5 and 15 percent and is usually retained over a period of six months. The security retention is provided for in a credit card acceptance […]

SEPA Migration The individual payment transaction markets in the European area have been characterized by a multitude of different conventions, payment systems and legal regulations. Not only are the technical regulations or the formats for payment transaction data different from country to country. In addition, the various payment instruments, such as credit transfers and direct […]

SEPA Direct Debit As of August 1, 2014, the SEPA Direct Debit completely replaces the previous direct debit authorization for banks and companies. The SEPA Direct Debit enables comprehensive accessibility of the entire SEPA zone, it covers multiple and one-off euro payments and establishes IBAN and BIC as features for account identification. Until now, collections […]

SEPA Account Statement Information Until now, the information on a bank statement has been provided to the account holder by the banks in the SWIFT formats MT 940 and MT 942. In the course of SEPA migration, however, additional account statement information is required that can only be displayed in a roundabout way or to […]

SEPA Credit Transfer The abbreviation SEPA stands for Single Euro Payments Area and thus for a uniform euro payment traffic area. A unified European payment traffic has been the declared goal of politicians and banks in Europe for many years, but it was not until 2008 that the first Europe-wide standardized payment instruments were created. […]

Definition of the term online merchant / online trader Online merchants, also Internet merchants, are operators of web stores and Internet platforms through which goods or services can be ordered. This can be a “pure” online business that sells and markets the goods, digital goods or services exclusively via an Internet portal; the best-known examples […]

Online Payment The rapid development of online commerce has made it necessary to find new ways of paying for goods and services that are both easy to use and secure for sellers and buyers. In addition to the classic bank transfer or direct debit, there are various ways to pay for goods or services online. […]

Mobile Payment Mobile payment describes a cashless form of payment that is being used more and more frequently. At least one of the parties involved in the payment process uses mobile technology to initiate, authorize or execute the payment. Today, smartphones and tablets are the main devices used for mobile payments. But even in the […]

Minimum Disagio Micropayment refers to payment transactions in which only small amounts are transferred from the buyer to the merchant in exchange for goods. As a rule, payment amounts of up to five euros fall under the term micropayment; payment amounts above this are called macro payments. Thus, the purchase of a bread roll or […]

Micropayment refers to payment transactions with small prices Micropayment refers to payment transactions in which only small amounts are transferred from the buyer to the merchant in exchange for goods. As a rule, payment amounts of up to five euros fall under the term micropayment; payment amounts above this are called macro payments. Thus, the […]

Settlement period One speaks of a settlement period when any transactions fall within a certain period of time. In this case, these submitted bookings can only be paid out much later, but they are assigned to this settlement period. In most cases, the settlements are posted weekly, fortnightly or monthly. The accounting periods with credit […]