Glossary

A list of commonly used terms related to OnionPay Payments.

The following table lists all the commonly used terms and their definitions used in OnionPay Payments:

API

API (Application Programming Interface) is a software code using which two applications can talk to each other.

Authorised Signatory

A person who is given the right to sign documents on behalf of the authorising organisation. Managing Director or Director or Chief Executive Officer or any other authorised signatory designated by the Board of Directors.

Beneficiary

A beneficiary is a person or an entity that you legally designate to receive the benefits from your financial product. In terms of netbanking, a beneficiary is someone to whom funds should be transferred.

Chargeback

Chargeback is a refund claim initiated by the customers with their issuer banks. In such cases, the bank starts an official inquiry.

Dispute

A dispute is when a customer or the issuing bank questions the validity of payments. It may arise due to unauthorised charges, failure to deliver the promised merchandise or excessive charges levied by the business.

Merchant

An individual or business that receives payments from customers in exchange for goods or services using the OnionPay Payment Gateway.

Settlement

Settlement is when the businesses receive the money paid by their customers for a particular product or service.

Refunds

If an amount paid by a customer for a product is reversed, it is called a Refund.