Glossary

Word	Description
1099-K	A tax document used in the U.S. to report payments from third-party payment processors issued to businesses that receive payments for goods or services.
3D Secure	An authentication protocol that can help prevent fraud and chargebacks by requiring the cardholder to confirm their identity before they make a card-not-present payment.
Account Holder	The consumer or business who owns the bank account utilized in an ACH Payment
ACH	Automated Clearing House, or ACH, is a type of payment that utilizes a routing and account number to pull or push funds to a bank account. Also called an EFT (Electronic Funds Transfer) or eCheck (Electronic Check).
ACH Network	The financial network that facilitates electronic transfer of funds between bank accounts in the United States.
ACH Return	An ACH payin that is rejected by the Issuing Bank due for various reasons, such as incorrect information or insufficient funds.
Authorization	The first step of payment processing that confirms there are sufficient funds on the user's card and the Issuing Bank places a hold on the funds.
Bank Identification Number (BIN)	The first eight digits of a card number, which identifies the Issuing Bank.
Billing Profile	The rates and fees billed to the Merchant for for each type of payment money movement.
Capture	The second step of payment processing that moves the funds of a Card payment from the User's Issuing Bank to the Merchant.
Card	Visa, Mastercard, Discover, or American Express (or other accepted card brands) credit or debit card account.
Card Details	The 15 or 16 digit card number (PAN), expiration date, CVV, and billing address of the cardholder. Some elements of Card Details are required to be stored securely per PCI DSS requirements (such as the PAN), and some cannot be stored at all (such as the CVV).
Cardholder	The consumer or business who owns the Card payment method.
Chargeback	A Card Payin that has been challenged by the User or Issuing Bank. Also commonly known as a dispute.
Component	Rainforest's components that the Platform embeds into their software.
CVV	Card Verification Value, also called Card Verification Code (CVC), refers to the 3 or 4 digit number on a Card.
Deposit	Money movement of the merchant's payments to the Merchant.
Deposit Method	The Merchant's ACH details used to process a Deposit, also known as a DDA (Demand Deposit Account).
Device	Physical terminal device to process in-person card-present payments with a microchip based authentication method, also known as EMV (EuroPay, Mastercard, and Visa).
Dispute	A Card or ACH Payment that has been challenged by the Cardholder, Account Holder, Issuing Bank, or RDFI.
Dues, Fees, and Assessments (DFA)	The grouping of fees collected from the Merchant or Platform and paid to the Card Brands for costs associated with managing and maintaining the card networks.
Gross Billing Deposit	A Merchant Deposit consisting of the billing fees for each payment.
Gross Funding Deposit	A Merchant Deposit consisting of the payments gross amounts, not netting the billing fees for each payment.
Interchange	Generally expressed as a percentage of volume and per item fee on card volume, Interchange is collected from the Merchant or Platform and paid to the Issuing Bank via the Card Brands for costs associated with servicing the Cardholder. There are 1,000+ interchange categories assessed based on Merchant type, card type, entry method, and data elements included with the payment.
Issuing Bank	The financial institution who issued the Card or Bank Account to the User.
Ledger	The record of money movement or transfers for a Merchant or Platform.
Merchant	A business using a Platform's software for payment processing.
Multi-Factor Authentication	Method for authenticating a user utilizing two or more factors. These factors generally include something the user has, something the user knows, or something the user is or does.
NACHA	National Automated Clearing House Association is the organization that manages and sets the rules for the ACH network.
Net Funding Deposit	A Merchant Deposit consisting of the payments net the billing fees for each payment.
NOC	Notification of Change is a notice provided by the RDFI indicating that information on the ACH payment method should be updated prior to submitting additional payments to the same payment method.
NSF	Insufficient Funds is a type of ACH return or real-time refusal code for Card payins due to the account not having sufficient funds to process the payin.
ODFI	Originating Depository Financial Institution is the bank that sends the funds for an ACH payment.
PAN	Primary Account Number, referring to the 15 or 16 digit Card number.
Passthrough Fees	Used to describe the collection of fees that are billed to the Platform and directly passed to Card Brands for Interchange and Dues, Fees, and Assessments (DFA).
Payin	Money movement from a User to a Merchant.
Payment	Money movement to or from a User on behalf of a Merchant, including payins, refunds, chargeabcks, and ACH returns.
Payment Method	The User's Card or ACH details, including billing contact, used to process a payment.
PCI DSS	Payment Card Industry Data Security Standard is a set of requirements around data security. For more information visit https://www.pcisecuritystandards.org.
Platform	A SaaS platform utilizing Rainforest for payment functionality.
RDFI	Receiving Depository Financial Institution is the bank for an ACH payment.
Reason Code	Additional information regarding the reason of a Chargeback or ACH Return.
Refund	Money movement to a User from a Merchant.
Residuals	The Merchant billing fees (defined by the Billing Profile) deposited to a Platform after deducting Interchange, Passthrough Fees, and Rainforest Fees.
Routing Number	The 9-digit number that routes payments to a particular bank for the purposes of processing an ACH payment or Deposit.
RTP	Real Time Payment is the processing network that pushes money in real-time to a bank account.
Sponsor Bank	The financial institution who is responsible for payment activity initiated by, or on behalf of, the Merchant.
Tokenization	The process of replacing sensitive information, such as a PAN or ACH Account Number, with a surrogate value.
Top-up	Money movement from a Merchant or third-party into a Merchant's Ledger.
User	A consumer or business processing payments with a Merchant.
Validated ACH	Validated ACH is a type of payment method where the user validated their bank account by authenticating into their online bank account to collect the bank account information.
Void	The action of canceling a payin the same day it was processed and before the daily cutoff, which is dependent on the payment method type.