Terms that come up often in payment infrastructure, in plain language and with how they map to Efespay.
25 terms shown
An extra security step where the cardholder verifies their identity on their bank's page.
Usually done with a one-time code sent by SMS. If verification fails, the payment does not go through. Efespay reports measure 3D Secure authentication success separately.
The approval given to a transaction by the cardholder's bank.
The bank checks the card limit and account status and approves or declines the transaction. An approved amount is charged to the card; on a decline the customer is told why and what to do.
The first 6–8 digits of a card number; they identify the issuing bank and card type.
Bank Identification Number. The card network (Visa, Mastercard, Troy), card type (credit, debit, prepaid) and card programme are derived from the BIN. Efespay only keeps the masked summary returned by the provider.
Fully reversing a transaction before end-of-day settlement.
Usually possible on the same day and never appears on the card statement. If the provider does not support it, a refund is made instead.
Banks' shared instalment and reward programmes (Axess, Bonus, World, Maximum…).
Cards of the same programme get shared instalment campaigns at member businesses. Cost rates can differ by card programme.
A cardholder disputing a transaction through their bank.
The cardholder reports not receiving the goods or not recognising the transaction; the bank runs the process. Chargeback terms are subject to the contract between the business and the provider.
The rate a bank or payment institution deducts from the business per transaction.
It can vary by instalment count and card programme and depends on the contract between the business and the provider. Cost rates entered in Efespay are used for the cost calculation in reports.
A key that prevents a repeated request from creating a second operation.
The client adds a unique Idempotency-Key to every write request; after a network error, a request repeated with the same key returns the first response. It prevents double payments and double refunds.
The extra amount charged to the customer on top of the single-payment price for instalments.
If the business wants to pass instalment costs on to the customer, it defines a rate per instalment. In Efespay, the customer instalment fee table holds these rates; the payment page shows the total including the fee.
Splitting the total amount into monthly charges on the cardholder's statement.
Used with credit cards, in the numbers allowed by the bank and the business's contract. The payment page shows each instalment option with its total and monthly amount.
The software layer connecting a business's system to a payment provider.
It receives the payment request, passes it to the provider and returns the result to the business. In Efespay, the payment gateway is the /v1 API and the hosted payment page.
A non-bank institution licensed to provide payment services.
In Türkiye, it is licensed under Law No. 6493; iyzico and PayTR belong to this group. The business contracts with the payment institution in its own name; collection happens on that institution's infrastructure.
A time-limited payment address shared without code.
Created with a fixed amount or one the customer enters; shared via WhatsApp, email or QR. Every payment opened from a link is a payment session.
Managing several payment providers through one API and panel.
Instead of writing a separate integration for each provider, the business works with one contract; routing, result verification, refunds and reporting happen in a shared layer. Efespay is payment orchestration software; it does not hold money.
A request that opens the payment page for the customer, carrying the amount and order reference.
The business's server creates it; the address in the response takes the customer to the payment page. Sessions expire (60 minutes by default); a second open session cannot be created for the same order.
Blocking an amount on the card and capturing it later.
Used for deposits at hotels and car rentals; the amount stays blocked for a while, then all or part of it is captured or released. It is on the Efespay roadmap.
Comparing your records with the provider's transaction and settlement data.
It confirms that every payment appears at the provider with the same amount and status. Today it is done manually with records exported from Efespay; automatic reconciliation is on the roadmap.
Sending all or part of a captured amount back to the card.
Made through the provider that took the original payment; total refunds cannot exceed the captured amount. The money can take a few days to appear on the card, depending on the bank.
Deciding which connection takes a payment.
In Efespay, rules (amount, instalments, currency, channel) are tried in order; if no rule applies, connection priority is used. The decision and reason are recorded on every attempt.
The net amount paid to the business after commissions and refunds.
The provider transfers the settlement to the business's account at set intervals. Because Efespay does not hold money, settlement goes directly from the provider to the business.
The day a captured amount reaches the business's account.
Varies by provider and contract (e.g. the next business day or at the end of the instalments). A settlement-date view is on the Efespay roadmap.
An environment where the whole flow is tried without real money moving.
Ready in every Efespay account; it works with test keys, the test provider and scenario-based test cards. Test and live data are kept apart.
A payment state waiting because no final result could be obtained from the provider.
In cases like a timeout or a dropped connection, the payment is not marked as failed; Efespay queries the provider at intervals and updates the status once the result is final.
An account a bank opens for a business to take card payments online.
The online counterpart of a physical POS terminal. The business signs a contract with the bank; the bank gives the business API access. In Efespay, a virtual POS account is defined as a connection.
An automatic notification sent to your server when an event happens.
Efespay reports payment, refund and link events with a signed POST request; failed deliveries are retried. Verifying the signature and deduplicating events is the receiver's job.
Definitions are for information only; they are not legal or financial advice. For contract terms, talk to your bank or payment institution.
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