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BIC/SWIFT
The BIC (it reads Bank Identifier Codes) or SWIFT (reading Society for Worldwide Interbank Financial Telecommunication) is a code assigned to each bank that serves as its numerical identity on the international market. These two codes are used interchangeably. They allow for easy monetary transfer and communication among banks, particularly across country borders.
Business Bank Account
A bank account into which a business’ sales are deposited and through which the employee payroll and bills are deducted. If a business is a partnership, corporation or incorporated sole proprietorship, then the business must have its own bank account that is not connected to a personal bank account. Most banks require special conditions to open a business bank account.
Card Present Transactions
Transactions in which the cardholder and the card are at the point of sale. This type of payment works with all our card readers. Card present transactions can be done using the chip and PIN or contactless by tapping an NFC-enabled card, phone or wearable technology with a Wallet App such as Google or Apple Pay.
Card Not Present Transactions
Transactions that are made where either the card or the cardholder is not physically present for the merchant’s visual examination at the time that an order is placed and paid for. This payment method is commonly used over the internet or telephone.
Cardholder
A person or entity that is issued a credit or debit account which is accessed through the use of a cardi.e., the client who owns the credit or debit card.
Chargeback
When a credit card transaction is disputed (either at the request of the cardholder or by a card issuer), the dispute is handled through a chargeback. A chargeback will cause the amount of the original sale and a chargeback fee to be deducted from your outstanding balance. You can find more information regarding chargebacks here.
Chargeback Objection
This is an active response negating a chargeback a customer has made.
As soon as SumUp receives information regarding a chargeback from one of your customers, you will be informed immediately via email. Within a certain time frame, we have the possibility to prepare an objection to this chargeback to regain the funds. To be able to do this, we depend on the information you provide us with and the documents of this transaction. We will actively support you should you dispute the chargeback so you can recover the amount from the cardholder's bank.
Chargeback Reversal
If the cardholder’s issuing bank confirms our provided information and documents to be sufficient, the status of the chargeback will be reversed and you will regain the funds from the transaction. Any related chargeback fees are dependent upon the cardholder's issuing bank and not SumUp.
Chip
Many cards have a smart chip that’s been encrypted with the card’s information, and this chip communicates the registered information to a terminal during a payment. If a chip is on a card, it’s always the preferred method by which to process a transaction as it is more secure than the magnetic swipe option.
Chip and PIN
An EMV standard for payment, Chip and PIN is a security method to ensure the customer paying with a card is, in fact, the cardholder. When the credit or debit card is inserted into the card reader to record the card information, the terminal requires verification of the card. Depending on the exact required authentication method, the payment could be verified with a 4-digit personal identification number (PIN), or alternatively, with the signature of the cardholder, working in tandem with the chip on the card.

 

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Electronic Money Regulations
Stipulations held by the FCA for firms offering electronic money services such as travel money cards, certain gift cards, pre-paid cards and online accounts used in the place of credit or debit cards. These requirements include an initial amount of capital, the registry of the head office, ensuring that the conduct of the firm's affairs is prudent etc., all of which must satisfy the standards laid out by the FCA in order for the firm to offer electronic money services.
EMV
The current global payment standard for credit and debit card payments developed by Europay, Mastercard and Visa (EMV) and now managed by EMVCo. This payment method incorporates smart card technology within the cards in order to add an extra layer of security as it combats counterfeit-card fraud with authentication methods such as Chip and PIN, contactless cards or Chip and Signature cards.
Financial Conduct Authority (FCA)
Independent of the UK government,this financial regulatory body monitors the conduct of retail and wholesale financial services firms. The body serves to maintain the industry's stability and to protect consumers by overseeing credit unions, banks, insurers and major investment firms with its powers of investigation and enforcement. Additionally, it helps to develop financial policies and authorises firms with its regulated benchmarks that are used to measure, and thus, ensure market integrity.
Fraud Report
If the cardholder claims that he didn’t authorize the transaction, he can send in a fraud report to his bank. Here you can find more information about a fraud report.
GDPR
The General Data Protection Regulation (GDPR) is a regulation in EU law regarding the privacy and protection of personal data for people within the European Economic Area. The goal of this regulation is to grant EU citizens and residents greater control over their personal data and to set up a regulatory framework, or more simply, a single set of rules for data protection for all businesses operating within the EU. Here you can find more information on how SumUp protects your personal data.

 

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Interchange Fees
A fee paid by the merchant’s bank to a consumer’s bank for the acceptance of credit card or debit card transactions. The interchange fee is usually deducted from the total amount of the card payment. Since December 2015 the EU has capped the interchange fees for all debit and credit card transactions.
International Bank Account Number (IBAN)
A code that is used for international payments. It is linked to an individual bank account and identifies the following:
  • the country the account belongs to
  • the bank of the account holder
  • the number of the account itself
The IBAN is made up of a maximum of 34 alphanumeric characters and is utilized in all EU countries to allow for fast payment processing across borders.
Invoice
This is an official document that confirms a transaction between a buyer and a seller. It typically includes the quantity, name and price of goods/services, date, payment type, invoice number, tax information and merchant and customer name as well as contact details. Here you can find detailed information regarding an invoice as opposed to a receipt.
Issuer
The issuer is the bank or entity of the cardholder, that is your customer, which distributed the card to the cardholder.

 

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Magnetic Stripe Reading
This occurs when the credit card is swiped through the terminal to record the card’s information stored on its magnetic stripe. Obtaining a magnetic stripe reading proves the card's presence at the time of a transaction.
mPOS
Mobile point of sale is a smartphone or tablet that is enabled to act as a register in order to process transactions.
NFC
Near Field Communication technology allows two digital devices, such as two compatible smartphones, to connect to each other by merely holding them close to each other so that they can communicate without touching each other.
Payout
An amount of money paid to an individual or entity. SumUp assigns a Payout ID to each payout visible both on the merchant's bank statement as well as in the Payout Report.
Payout Report
A Payout Report is a written account containing a list of all card transactions with the associated amounts, fees and dates included in the payout available for download from your SumUp dashboard.

A daily payout report contains only the transactions that have been paid out on the day the report has been made. This list may include transactions made from the same or the previous week depending on the individual payout settings.

A monthly report contains all transactions paid out during this month including a list of the individual payouts. Additionally together with the payout report, SumUp provides an invoice of the transaction fees paid during this month.

 

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Receipt
A receipt is a proof for the payment for the cardholder issued by the merchant. It contains the quantity, name and price of goods/services, date, payment type, tax information, name and contact details of the merchant, but usually no information about the cardholder. Hence, an invoice is more detailed and prefered as proof for payment.
Retrieval Request 
A retrieval request occurs when a customer requests more information about a transaction than that which appears on his or her credit card statement. Here you can find additional information about retrieval requests.
Revenue Report
A summary providing an overview of all the income the company has made from selling its goods or services within a given timeframe.
SumUp’s revenue report provides a breakdown of the business' activity, sorted, for example, by category, payment methods such as card or cash, product category and employees.
Sales Report
A detailed list of sales activity made within a given timeframe, showing the different items and tax categories. A sales report not only helps you to keep an overview of your cash and card transactions but also helps you to keep track of the quantity of the goods or services sold.
Tax ID
A number used by a country’s government to identify a person for tax purposes. A tax identification number can be added to receipts provided by SumUp so that customers may claim the tax paid for their goods or services.
Transaction 
An act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder's promise to pay for goods or services received from the act—i.e., the payment is done by card for a purchase/service by the merchant.
 Transaction Report
A transaction report is a detailed list of all transactions including card and cash payments as well as refunds. SumUp’s transaction reports include information on the payment method, the status of a transaction, the customer's card details as well as any description added either on the card reader or in the SumUp App.

 

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Unauthorized Transaction
Any sale for which a cardholder does not provide his/her specific authorization. (This should not be confused with the failure to receive an authorization response from the issuer.)
VAT
Value added tax is a consumption tax that is added to goods and services within the European Union, Norway and Switzerland. SumUp merchants using the Product Catalog can see and adjust the VAT per product. VAT rates of a sale will be printed on the receipt SumUp provides.
VAT ID
A value added tax identification number used as an identifier for a company or entity. The VAT ID can be added to an invoice to reclaim VAT paid for business’ goods/services.
You can add your company’s VAT ID during the signup process to your SumUp account in order to claim the VAT of your SumUp Card Reader from the local financial authorities.
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