Payments 101
This payment scheme allows bank-to-bank transfers within Europe and typically settles within one business day.
What is SEPA Credit Transfer?
The process used to verify a customer's identity before they can use financial services.
What is KYC (Know Your Customer)?
A lightweight data format commonly used for APIs.
What is JSON?
This API concept allows merchants to route funds between multiple sellers in a single transaction.
What are Payment Splits?
The early stage funding used to validate a startup idea.
What is Seed Funding?
This payment method allows merchants to pull funds directly from a customer’s bank account with prior authorization.
What is SEPA Direct Debit?
The European regulation governing payment services and open banking.
What is PSD2?
The architectural style used by most modern APIs.
What is REST?
This payment model allows a platform to process payments on behalf of multiple merchants.
What is PayFac / Platform Payments?
The stage after seed funding where startups scale their product.
What is Series A?
This identifier uniquely identifies a bank account across Europe.
What is an IBAN?
This process monitors transactions to detect suspicious activity.
What is AML (Anti-Money Laundering)?
The Microsoft framework commonly used for backend development at Getpaid.
What is .NET?
This type of account is used to hold funds belonging to customers.
What is a Customer Funds Account?
Investors who provide capital in exchange for equity.
What are Venture Capitalists?
The entity that actually holds the merchant agreement with card networks and processes the payment.
What is an Acquirer?
This EU regulation protects personal data and privacy.
What is GDPR?
A platform used to host and scale cloud applications.
What is Azure?
This model allows one entity to process payments on behalf of other sellers.
What is Merchant of Record / Platform Payments?
A company valued at over $1 billion.
What is a Unicorn?
The party legally responsible for the transaction and customer chargebacks.
What is the Merchant of Record?
This requirement forces two independent authentication factors for many online payments.
What is Strong Customer Authentication (SCA)?
A method that allows services to communicate asynchronously through messages.
What is event-driven architecture?
This identifier is used internally to uniquely reference an account in the Getpaid platform.
What is an acc_ ID?
The metric that measures how quickly a startup spends its cash.
What is Burn Rate?