Glossary

Summary
API
Chargeback
Card descriptor
KYC
MoneyIn
MoneyOut
Payment account
PSP
P2P
Rebill
Rolling Reserve
Sandbox
SEPA zone

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API

The API, or Applications Programming Interface, is the programming interface that connects Lemon Way services to your website. Implementing the API requires using a programming language and therefore a Developer service. For more information about the features, please consult our technical documentation.

Chargeback

It's the reversal of a credit card payment that comes directly from the bank, chargebacks can appear very similar to traditional refunds, yet there is one very relevant difference: rather than contact the business for a refund, the consumer is asking the bank to forcibly take money from the business account:

  • Theft, fraud, embezzlement and other cases of unauthorised use of the payment method or related data, receivership or bankruptcy proceedings against the beneficiary (i.e. the merchant)
  • Transaction refund ordered by the payee (i.e. the consumer) or the payer who gives a payment order through the payee 

Source (in French)

 

Card descriptor

A card descriptor is the text rendered on the cardholder bank statement for a card transaction.

Lemon Way default/free of charge card descriptor is LEMONWAY.COM/PI. In case your client does not manage to link the transaction to your platform, he/she will generally perform a Google search for LEMONWAY.COM/PI and will then be directed to the dedicated Internet page https://www.lemonway.com/pi/. Your client will then have access to our online secured card payment lookup and will be able to easily find out who received his payment.

Please read our article All you need to know about payments by card for more information.

KYC

KYC stands for KNOW YOUR CUSTOMER. It refers to the obligation for any business to gain & maintain sufficient knowledge of its customers.

KYC is a regulatory obligation for Payment Institutions, as set in the European Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing

While it might seem restrictive at first, it should be at the heart of your business concerns and can become a key Competitive Advantage as it dramatically helps reduce fraud as well as reprehensible behaviors on your platform. It therefore is a guarantee for responsibility & sustainability of your business.

Please read our article All you need to know about KYC for more information.

MoneyIn

Incoming cash flow to your environment

MoneyOut

Outgoing cash flow to your environment

Payment account

Payment accounts are defined in the European Payment Services Directive (PSD 2 - Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015 on Payment Services in the European internal market) as accounts opened in the books of a payment institution regulated by a regulatory authority (ACPR - Banque de France for payment institutions registered in France, such as Lemon Way for example).

Depending on the merchant activity type (marketPlace, crowdfunding platform, eCommerce, etc.), the acceptation of the merchant's Terms and Conditions (which include Lemon Way Terms of Services) generates the opening of a payment account in the name of the user. This payment account is used as a support to payments performed by the user on the merchant's platform.

Please read our article All you need to know about payment accounts for more information.

PSP

A Payment Service Provider (PSP) is a service provider that offers payment infrastructures & services for accepting electronic payments (Visa, MasterCard, iDeal, Sofort, etc) online.

Lemon Way has partnered with Tier-1 PSPs (ATOS, MONETICO, PAYXPERT, PAYZEN, etc.) and acquiring banks in order to guarantee efficient & secure access to the main online electronic payment “schemes”.

Please read our article All you need to know about payments by card for more information.

P2P

A P2P is a transfer between two payment accounts in the same environment.

P2P transactions are subject to Lemon Way KYC rules as well as to the limits (in number and amount of transactions) applied depending on the status of both the issuing payment account and the beneficiary payment account.

P2P transactions can for example correspond to:

  • Transfer from an investor payment account onto the project payment account, in the case of a crowdfunding platform
  • Transfer from a client payment account onto the payment account of the merchant, in the case of a marketplace
  • Automatic transfer of Lemon Way commissions from your merchant payment account (SC) onto Lemon Way payment account (LW)
  • Automatic perception of your commissions on the transactions of your clients

Please read our article All you need to know about transactions between payment accounts for more information.

Rebill

Rebill (or card subscription or tokenization) is e credit card registration on the payment page of our partner for crediting payment accounts without customer intervention.

Please read our article All you need to know about payments by card for more information.

Rolling Reserve

The rolling reserve is a guarantee deposit aiming at protecting both you and Lemon Way from potential payment cancellations/card chargebacks/SDD returns.
The rolling reserve is defined in your contract and depends on Lemon Way risk analysis of your business model/activity (long delivery periods, cards rebill, etc.). It is a way to ensure that there is enough funds on your environment to cover up potential cancellations. The rolling reserve is in general expressed as a percentage over a number of months. This guarantee is rolling, i.e. that it evolves in real time in your environment.

Sandbox

Also called test or dev environment, this is an environment where you can perform all the tests you want. It is similar to your production environment.

Please read our article How does my test platform work? for more information for more information.

SEPA zone

The Single Euro Payments Area (or Sepa) is a project initiated in 2002 by banks to make payments between European countries as easy and secure as domestic payments, by introducing three European means of payment: credit transfers, direct debits and card payments.
Its aim is to make common euro payment methods available at European level, enabling consumers, companies, merchants and administrations to make payments under the same conditions everywhere in the European area, as easily as in their own country.
The SEPA zone covers the 28 member countries of the European Union, the member countries of the European Economic Area, as well as Switzerland, Andorra, Monaco, San Marino and the Vatican.

Source (in French)

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