Glossary

Glossary

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

Terms	Description
API	API (Application Programming Interface) is a software code using which two applications can talk to each other.
Cryptocurrency, Crypto	a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it
e-Commerce Plugins	some eCommerce plugins are made for selling digital goods like eBooks, photos, music, etc. Others are better suited for selling physical products that need shipping. If you want to run a drop-shipping business, then you'll need an eCommerce solution that provides better support for drop-shipping
MDR	The merchant discount rate is a fee, typically between 1%-3%, that merchants must consider when managing business costs
Merchant	A merchant is any business person (or a freelancer) who signs up and wants to use PayBolt products suite.
Partner	PayBolt partners offer the PayBolt product suite to their clients or customers. The Partners receive rewards as part of the PayBolt Partnership program. There are 3 types of Partners: Resellers, Aggregators and Platform.
Payment	A payment is a transfer of money in exchange for products or services. The businesses use PayBolt products to accept payments (from customers) and make payments to (employees and vendors).
Payment Gateway	PayBolt Payment Gateway is a management tool that authorizes various payment modes, such as POS, online , offline, Marketplace, and many more, for accepting and making payments. A user making payments requires an internet connection and a device, such a desktop, laptop or mobile, to connect to the Payment Gateway. The business receiving the payment should integrate PayBolt Payment Gateway with its business.
Reseller	a person or company that sells something they have bought to someone else
Settlement	Settlement is a process of settling in money. When a merchant is receiving money from the customers using any of PayBolt products, such as Payment Link, settlements mean settling the customer's money to the merchant's account. While using PayBolt Route to make payouts, settlements mean settling the money from the merchant's account to the linked account owner. Settlements for all payments are done in +150 fiat currencies, respectively with the currency in which the payment was made.
Transaction	A transaction is any activity on a merchant's PayBolt account, which includes inflow of funds (payments received), payouts (payments made to employees, contractors and vendors) .
Web 0.3	Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts including decentralization and token-based economics