Glossary
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B
Balance Account: A currency balance account used to store the party's funds ahead of payout
Beneficial Owner: Used to store the details about a specific beneficial owner, for the purpose of identity verification checks for companies
C
- Company: A business structure that represents a legal entity, and is legally separate from its owners. Includes all types of legal entities other than person or sole trader.
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P
Party: Usually the seller. The overall party record which you can use to split a payment or a payout. Also used to store information about the party for identity verification checks.
Payout Instrument: A single reference to store the details for a payout to this party (i.e. Account Number, Sort Code, etc).
Person: A natural person providing goods and/or services on merchant's platform. A human being with legal rights and obligations, subject to personal liability in legal terms.
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S
- Sole trader: A self-employed individual, a sole proprietor, who runs a business under their own name or a registered trade name. The business is not a separate legal entity, meaning the owner is subject to personal liability in legal terms.