Definitions of payment industry terms and Precium-specific concepts.

A

3D Secure (3DS)

An authentication protocol that adds an extra layer of security to online card transactions. Cardholders verify their identity with their bank during checkout, typically via OTP or biometric authentication. Precium supports 3DS 2.0.

Acquirer / Acquiring Bank

The financial institution that processes card payments on behalf of a merchant. The acquirer receives transaction requests and communicates with card networks to authorize and settle payments.

API Key

A unique identifier used to authenticate API requests. Precium provides separate API keys for sandbox and production environments.

Authorization

The process of verifying that a cardholder has sufficient funds or credit for a transaction. An authorization does not transfer funds, it reserves them for later capture.

Authorization Code (Auth Code)

A code returned by the card issuer confirming that a transaction has been approved. Used as proof of authorization.

AVS (Address Verification Service)

A fraud prevention measure that compares the billing address provided during checkout with the address on file with the card issuer.

B

Billing Template

A Precium resource that defines recurring billing configuration, including pricing, frequency, and payment method requirements. Used to automate subscription billing.

Brand

A merchant configuration in Precium that includes branding (logo, colours), payment method settings, and API credentials. Merchants can have multiple brands.

Brand ID

The unique identifier for a brand configuration. Required in most API requests to identify which merchant configuration to use.

C

Cancel

To void a purchase before payment is completed or captured. Cancelled purchases cannot be paid.

Capture

The process of completing a previously authorized transaction and initiating a fund transfer. Used in two-step payment flows (authorize then capture).

Card Network

Organisations that facilitate card payments between issuers and acquirers (e.g., Visa, Mastercard). They set rules, process transactions, and manage settlement.

Card Not Present (CNP)

A transaction where the physical card is not presented, such as online or phone payments. CNP transactions have different security requirements than in-person payments.

Card Scheme

See Card Network.

Cardholder

The person whose name appears on a payment card and who is authorized to use it.

Checkout URL

A URL provided by Precium that redirects customers to a hosted payment page. The safest integration method for PCI compliance.

Client

A customer record in Precium contains contact information, billing address, and stored payment methods.

CVC/CVV

Card Verification Code/Value. The 3 or 4-digit security code on a payment card is used to verify card-not-present transactions.

D

DebiCheck

A South African authenticated debit order system. Customers authorize mandates via their banking app, providing greater security than traditional debit orders.

Debit Order

A payment instruction that allows a merchant to collect funds directly from a customer’s bank account. Traditional debit orders don’t require real-time authentication.

Direct Post

An integration method where card data is submitted directly from the customer’s browser to Precium, bypassing the merchant’s servers. Requires PCI SAQ A-EP compliance.

Dispute

A challenge to a payment initiated by a cardholder through their bank. Also known as a chargeback.

E

EFT (Electronic Funds Transfer)

The electronic movement of money between bank accounts. Includes methods like Ozow, Stitch, and traditional bank transfers.

F

Failure Redirect

The URL where customers are redirected after a failed payment attempt.

Force Recurring

A flag that ensures payment credentials are tokenized for future use, even if the customer doesn’t opt in.

G

Gateway

A service that transmits payment data between merchants and payment processors. Precium acts as a payment gateway.

H

Hold

A temporary reservation of funds on a card, typically used for pre-authorization. The hold reserves funds without completing the transaction.

Hosted Checkout

A payment page hosted by Precium where customers enter payment details. Provides the highest level of PCI compliance simplification.

I

Idempotency

The property of an operation that, when performed multiple times, produces the same result. Important for retry logic to prevent duplicate charges.

Instant EFT

Electronic funds transfer methods that provide immediate or near-immediate payment confirmation (e.g., Ozow, Capitec Pay).

Issuer / Issuing Bank

The bank that issues payment cards to consumers and approves or declines transactions.

L

Live / Production

The real payment environment where actual funds are transferred. Contrasted with sandbox/test environments.

M

Mandate

An authorization from a customer to collect payments from their account. Used in debit order and DebiCheck scenarios.

Merchant

A business that accepts payments for goods or services.

Merchant ID (MID)

A unique identifier assigned to a merchant by their acquirer or payment processor.

MIT (Merchant Initiated Transaction)

A transaction initiated by the merchant without the cardholder being present, such as recurring billing or scheduled payments.

O

Orchestration

The coordination of multiple payment providers, methods, and flows through a single platform. Precium provides payment orchestration.

P

Payment Link

A URL that directs customers to a payment page for a specific transaction. Can be shared via email, SMS, or messaging apps.

Payment Method

The specific instrument used for payment (e.g., Visa, Mastercard, Ozow, DebiCheck).

Payment Method Whitelist

A list of payment methods that customers are allowed to use for a specific purchase.

PCI DSS

Payment Card Industry Data Security Standard. A set of security requirements for organisations that handle card data.

PCI Scope

The extent of PCI DSS requirements applicable to an organization based on how they handle card data.

Pre-Authorization

An authorization that reserves funds without immediate capture. Used when the final amount may differ from the initial authorization (e.g., hotels, car rentals).

Purchase

A payment request in Precium. Contains product information, pricing, and payment configuration.

Purchase ID

The unique identifier for a purchase transaction.

R

Recurring Payment

A payment that occurs on a regular schedule using stored payment credentials.

Recurring Token

A secure reference to stored payment credentials that can be used to process future payments without re-entering details.

Refund

The return of funds to a customer after a payment is completed. Can be full or partial.

Release

The action of removing a hold on funds without capturing them.

RRN (Retrieval Reference Number)

A unique identifier assigned to a transaction that can be used to trace it through the payment system.

S

Sandbox

A test environment that simulates real payment processing without moving actual funds. Used for development and testing.

SAQ (Self-Assessment Questionnaire)

A PCI DSS compliance validation tool. Different SAQ types (A, A-EP, D) apply based on how card data is handled.

Settlement

The process of transferring funds from the customer’s bank to the merchant’s bank after authorization.

Skip Capture

A flag that creates an authorization without automatic capture, enabling two-step payment flows.

Subscription

A recurring billing arrangement where customers are charged automatically on a schedule.

Success Callback

A URL that Precium calls via webhook when a payment succeeds.

Success Redirect

The URL where customers are redirected after successful payment.

T

Token / Tokenization

The process of replacing sensitive payment data with a non-sensitive reference (token) that can be used for future transactions.

U

UUID (Universally Unique Identifier)

A 36-character identifier in the format xxxxxxxx-xxxx-xxxx-xxxx-xxxxxxxxxxxx. Used for all Precium resource IDs.

V

Void

See Cancel.

W

Webhook

An HTTP callback that delivers event notifications to your application in real-time. Used for payment confirmations, failures, and other events.

Whitelist

See Payment Method Whitelist.

Z

Zero-Amount Authorization

An authorisation for R0.00 is used to verify a card and tokenise it without charging the customer.

Payment Method Reference

Status Reference

Purchase Statuses

Subscription Statuses

Currency Codes (ISO 4217)