Payments Glossary

We have explained the terms commonly used in the world of payments, collections and POS in plain language. Where a term has a counterpart on the site, we have also linked to the relevant page.

A

Subscription payment: A collection method that repeats automatically at set intervals (monthly, yearly). The customer gives permission once and payment is taken from the saved card in the following periods.
API: An interface that connects two pieces of software. On the payment side, an API lets a business's own site or app talk directly to the payment infrastructure.API POS

B

BKM: Interbank Card Centre. It is the institution operating the common infrastructure of the card payment system in Türkiye; routing and clearing of card transactions between banks run through this centre.

C

Mobile POS: A solution that turns a smartphone into a POS device. On NFC-capable phones the card is tapped on the back of the phone for contactless collection; there is no need to carry a separate device.Mobile POS
Chargeback: When a cardholder disputes a transaction, the amount is reclaimed from the business by their bank. The dispute process is run according to interbank rules.

D

Digital wallet: An electronic account where money, card and payment details are stored and payment and transfer transactions can be made. Faturamatik Wallet is a digital wallet app.Faturamatik Wallet

E

EFT: Electronic Funds Transfer. Sending money between accounts at different banks. A transfer within the same bank is called a wire transfer (havale).
Electronic money: Value stored electronically against money deposited with the accepting institution, used in payment transactions and redeemable on demand. Electronic money institutions are licensed in this field.

F

Bill collection: Collecting the bills of institutions such as electricity, water, natural gas and telephone through a payment point or a digital channel.Online bill payment
Fraud management: A set of rules and a monitoring system for detecting and blocking fraudulent transactions. Suspicious transactions are automatically stopped or sent for additional verification.

I

IBAN: The international bank account number format. It combines the country code, check digits, bank and account details in a single number so transfers reach the right account.

K

Komisyon: The service fee charged on a payment transaction. For card payments the rate is set according to the business's sector, transaction volume, number of instalments and the type of solution used.

L

Payment by link: A collection method in which a payment link with a set amount and description is sent to the customer. No website or integration is required.Payment Link POS

M

Mail order (MOTO): A payment method in which the cardholder is not physically present and the transaction is completed by taking card details by phone or in writing. It requires extra care in terms of risk management.
Masterpass: A digital payment and card storage infrastructure that keeps card details securely and lets them be used in purchases without re-entering them.

N

NFC / contactless payment: A short-range payment technology performed by bringing the card or phone close to the device, without entering a PIN. Amounts above the set limit require a PIN.

P

ÖKC (cash register): Payment Recording Device. The device that produces the fiscal document (receipt) of a sale. New-generation ÖKCs can also take card payments on the same device.Cash Register POS
Pre-authorisation: Blocking the transaction amount on the card without charging it immediately. When the service is completed the amount is finalised and the unused part is released. It is used in areas such as hotels and car rental.

P

Marketplace payment: A payment model on platforms with multiple sellers, where the collection is taken through the platform and distributed to the sellers.API POS
PCI DSS: The international security standard set by card organisations for the secure processing and storage of card data. Payment infrastructures are audited for compliance with this standard.
POS: The general name for the system used to accept card payments. It can be a physical device (fixed, Android, mobile POS) or software (virtual POS, API).POS solutions
Provizyon: The process by which a card transaction receives approval from the bank. Once approved, the amount is deducted from the card's available limit.

Q

QR payment: A payment method carried out by scanning a QR code carrying the payment details with a phone. It is completed with a card or a wallet app.

S

Virtual POS: A software-based payment solution that allows card collections over the internet. The payment page is integrated into the site; no physical device is needed.Virtual POS

T

Tahsilat: Taking the price of the product or service sold from the customer. It can be done in cash or by card, link, QR or bank transfer/EFT.
Taksitlendirme: Splitting the payment amount over several months on a credit card. The number of instalments may vary by sector and card.
TROY: Türkiye's domestic card payment scheme. Cards with the TROY logo can be used on POS and virtual POS infrastructures that accept them.

V

Value date: The date on which a transaction amount reaches the account. In card collections, the day the amount is transferred to the business account is set as the value date.
VUK 507: The Tax Procedure Law general communiqué on new-generation payment recording devices. It sets the rules for combining card collection and the fiscal receipt in the same device.VUK507-approved Android POS

Y

International money transfer: Sending money to a recipient abroad or receiving money from abroad. Delivery can be made to a bank account or to cash payout points.International money transfer

3

3D Secure: A security step in card payments on the internet where the cardholder's bank requests additional verification. The one-time code sent to the phone during payment is part of this step and reduces fraud risk.

Create your account in a few steps.

You can create your Faturamatik Wallet account in a few steps and start using it right away.

QR Code
Scan, Download