Specific businesses often come with specific vocabulary. We are more than happy to explain the terms we tend to use with others in the industry if you are not familiar. Here are some of them.
|SMB||Small business merchant (1-2 stores)|
|vertical||refers to what type of business a merchant runs. (restaurant, clothing, quick serve etc)|
|Merchant account||A merchant account isn’t the same as an ordinary bank account even though you can set one up through an ordinary bank. Credit merchant accounts allow a business to accept credit cards as payment for goods and services. In a way, these accounts act as a contract between the business owner and the bank. Rules defining how products will be bought, sold and paid for are set; any violation of these rules is considered fraud.|
|OTC||The “Over-the-counter” (OTC) and the “money-order/telephone-order” Over-the-counter merchant accounts are used primarily for retail merchants. These types of accounts typically have lower discount rates and transaction fees because the customers’ credit cards are physically present at the point of transaction.|
|MTO||money-order/telephone-order” (MOTO)Money order, telephone order and online accounts are used primarily for Internet-based businesses. The transaction requires two steps instead of one. Once all of the card information is entered, the data is verified and then the money is subtracted from the cardholder’s limit and placed in a 30-day holding account without actually charging the card. After the product is shipped the credit card is charged for the purchase price.|
|Merchant processor ISO||ISO (independent sales organization) To market merchant accounts, an ISO/MSP must be sponsored by a member bank. This sponsorship requires that the bank verify the financial stability and suitability of the company that will be marketing on its behalf. The ISO/MSP must also pay a fee to be registered with Visa and Mastercard and must comply with regulations in how they may market merchant accounts and the use of copyrights of Visa and Mastercard.|
|Credit card terminal||The physical device cards are swiped through to process transactions|
|Credit card chargeback||When a customer disputes a CC charge the card providers (visa/MC/AMEX) will issue to the merchant a chargeback notice. Merchants can dispute a chargeback by supplying a copy of the receipt to the card provider.|
|Payment gateway||A payment gateway is an a-commerce application service provider service that authorizes credit card payments for businesses-businesses, online retailers, bricks and clicks, or traditional brick and mortar.
It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor.
A payment gateway facilitates the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the Front End Processor or acquiring bank.
|Electric commerce||Electronic commerce, commonly known as commerce-commerce or ecommerce, is a type of industry where the buying and selling of products or services is conducted over electronic systems such as the Internet and other computer networks|
|B2B||A business that sells primarily to other business clients (wholesalers etc)|
|B2C||A business that sells primarily to end-users/customers (retail stores)|
|Omni-channel retailing||mind-Channel Retailing is the evolution of multi-channel retailing, but is concentrated more on a seamless approach to the consumer experience through all available shopping channels, i.e. mobile internet devices, computers, bricks-and-mortar, television, radio, direct mail, catalog and so on. Retailers are meeting the new customer demands by deploying specialized supply chain strategy software.|
|commerce-commerce platform||Most web-stores are built on 3rd party software platforms (Magento, Shopify, Prestashop etc). These companies are responsible for the technology behind the website (checkout experience, UI layout etc). A primary selling point with ERPLY is the possibility to integrate with popular e-comm platforms|
|Custom platform||Although most companies utilize 3rd party e-comm platforms, some may have custom built webshops. These are typically older companies and do not allow for much integration.|
|check-out experience||Put yourself in the customers shoes. The checkout experience is the steps/process that a customer must take in order to ring up a sale in the store, or online. Retailers value software with an intuitive checkout experience (easy to understand and do). This keyword is a great selling tool.|
|Source code||In computer science, source code is any collection of computer instructions (possibly with comments) written using some human-readable computer language, usually as text. The source code of a program is specially designed to facilitate the work of computer programmers, who specify the actions to be performed by a computer mostly by writing source code|
|Coding||the process of creating new software, or new functionality in existing software requires computer programming coding.|
|Open-source software||Open-source software (OSS) is computer software with its source code made available and licensed with a license in which the copyright holder provides the rights to study, change and distribute the software to anyone and for any purpose. Open-source software is very often developed in a public, collaborative manner|
|programming language||A programming language is an artificial language designed to communicate instructions to a machine, particularly a computer. Programming languages can be used to create programs that control the behavior of a machine and/or to express algorithms.|
|Source code repository||A source code repository is a file archive and web hosting facility where large amounts of source code are kept, either publicly or privately. They are often used by open-source projects and other multi-developer projects to handle various versions. They help developers submit patches of code in an organized fashion. Often these web sites support version control, bug tracking, release management, mailing lists, and wiki-based documentation.|
|Source code escrow||Source code escrow is the deposit of the source code of software with a third party escrow agent. Escrow is typically requested by a party licensing software (the licensee), to ensure maintenance of the software. The software source code is released to the licensee if the licensor files for bankruptcy or otherwise fails to maintain and update the software as promised in the software license agreement.|
|Object code||Object code, or sometimes object module, is what a computer compiler produces. In a general sense object code is a sequence of statements or instructions in a computer language, usually a machine code language (i.e., 1’s and 0’s) or an intermediate language such as RTL.|
|API||An application programming interface (API) specifies how some software components should interact with each other.
In addition to accessing databases or computer hardware, such as hard disk drives or video cards, an API can be used to ease the work of programming graphical user interface components. In practice, many times an API comes in the form of a library that includes specifications for routines, data structures, object classes, and variables. In some other cases, notably for SOAP and REST services, an API comes as just a specification of remote calls exposed to the API consumers.
|REST API||REST stands for Representational State Transfer, and it was proposed in a doctorate dissertation. It uses the four HTTP methods GET, POST, PUT and DELETE to execute different operations. This in contrast to SOAP for example, which creates new arbitrary commands (verbs) like getAccounts() orapplyDiscount()|
|HTML 5||HTML5 is a markup language used for structuring and presenting content for the World Wide Web and a core technology of the Internet. HTML 5 is known to be an easy to customize/change language.|
|RDBMS||A relational database management system (RDBMS) is a database management system (DBMS) that is based on the relational model as introduced by E. F. Codd, of IBM’s San Jose Research Laboratory. Many popular databases currently in use are based on the relational database model.|
|MySQL||MySQL (/maɪ ˌɛskjuːˈɛl/ “My S-Q-L”, officially, but also called /maɪ ˈsiːkwəl/ “My Sequel”) is (as of July 2013) the world’s second most[nb 1] widely usedopen-source relational database management system (RDBMS). It is named after co-founder Michael Widenius’s daughter, My. The SQL phrase stands forStructured Query Language.|
|Cloud software||Cloud computing is a phrase used to describe a variety of computing concepts that involve a large number of computers connected through a real-time communication network such as the Internet. In science, cloud computing is a synonym for distributed computing over a network, and means the ability to run a program or application on many connected computers at the same time.|
|Local software||Refers to a program that is installed physically to a hardware device. Typically liscense based. (think of Microsoft office 2011) If a local program is installed on one computer, you can not access it from any other device. Where as a cloud sofrware is accesible anywhere with proper login credentials.|
|Legacy system||A term typically user to refer to a merchants previous software solution. Legacy systems are commonly local applications hosted on local servers (in-store servers)|
|OS||Operating system (ex: windows 7, linux, Mac OS)|
|Hardware agnostic||A software program that can be ran on any device, not specific to any OS (windows, macOS).|
|Connection speed||The strength/speed of internet connectivity in a given location.|
|Hosting||Hosting refers to the service of storing and maintaining of computing data|
|Hosted sofware||Hosted software refers to software that is installed, hosted and accessed entirely from a remote server or location.Hosted software is hosted and managed by the software manufacturer or a third-party vendor. Users can access it globally through the Internet.
Hosted software is also known as software as a service (SaaS), a cloud computing service model.
|SaS 70||Statement on Auditing Standards (SAS) No. 70, Service Organizations, is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). A service auditor’s examination performed in accordance with SAS No. 70 (also commonly referred to as a “SAS 70 Audit”) is widely recognized, because it represents that a service organization has been through an in-depth audit of their control objectives and control activities, which often include controls over information technology and related processes|
|PCI||The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store ortransmit credit card information maintain a secure environment.|
|QSA||A Qualified Security Assessor (QSA) is a person who has been certified by the PCI Security Standards Council to audit merchants for Payment Card Industry Data Security Standard (PCI DSS) compliance.|
|fail-over||In computing, failover is switching to a redundant or standby computer server, system, hardware component or network upon the failure or abnormal termination of the previously active application, server, system, hardware component, or network. Failover and switchover are essentially the same operation, except that failover is automatic and usually operates without warning, while switchover requires human intervention.|
|Uptime||Uptime is a computer industry term for the time during which a computer is operational. ptime is sometimes measured in terms of a percentile. For example, one standard for uptime that is sometimes discussed is a goal called five 9s – that is, a computer that is operational 99.999 percent of the time.|
|Downtime||Downtime is the time when it isn’t operational.|
|SLA||service-level agreement (SLA) is a part of a service contract[disambiguation needed] where a service is formally defined. In practice, the term SLA is sometimes used to refer to the contracted delivery time (of the service or performance). As an example, Internet service providers and telcos[disambiguation needed] will commonly include service level agreements within the terms of their contracts with customers to define the level(s) of service being sold in plain language terms.|
|COI||Certificat of insurance. This document can be sent to customers/partners/suppliers to prove insurance terms|
|LOI||Letter of intent. An agreement that describes in detail a corporation’s intention to execute a corporate action. The letter of intent is created by the corporation with its management and legal council, among others, and outlines the details of the action.|
|SOW||A statement of work (SOW) is a formal document that captures and defines the work activities, deliverables, and timeline a vendor must execute in performance of specified work for a client. The SOW usually includes detailed requirements and pricing, with standard regulatory and governance terms and conditions.|
|Proposal||A proposal is a document encompassing a SOW, pricing quote, and delivery terms for a project.|
|MSA||A master service agreement is a contract reached between parties, in which the parties agree to most of the terms that will govern future transactions or future agreements. A master agreement permits the parties to quickly negotiate future transactions or agreements, because they can rely on the terms of the master agreement, so that the same terms need not be repetitively negotiated, and to negotiate only the deal-specific terms.|
|HOA||(heads of agreement) A non-binding document outlining the main issues relevant to a tentative partnership agreement. Heads of agreement represents the first step on the path to a full legally binding agreement or contract, and serves as a guideline for the roles and responsibilities of the parties involved in a potential partnership before any binding documents are drawn up.|
|TOS||(terms of service) Terms of service are rules which one must agree to abide by in order to use a service. Terms of service can also be merely a disclaimer, especially regarding the use of websites.|
|NDA||It is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or trade secrets.|
|RFI||request for information (RFI) is a standard business process whose purpose is to collect written information about the capabilities of various suppliers. Normally it follows a format that can be used for comparative purposes.
An RFI is primarily used to gather information to help make a decision on what steps to take next. RFIs are therefore seldom the final stage and are instead often used in combination with the following: request for proposal (RFP), request for tender (RFT), and request for quotation (RFQ). In addition to gathering basic information, an RFI is often used as a solicitation sent to a broad base of potential suppliers for the purpose of conditioning suppliers’ minds, developing strategy, building a database, and preparing for an RFP, RFT, or RFQ
|RFP||A request for proposal (RFP) is a solicitation made, often through a bidding process, by an agency or company interested in procurement of a commodity, service or valuable asset, to potential suppliers to submit business proposals. It is submitted early in the procurement cycle, either at the preliminary study, or procurement stage. The RFP process brings structure to the procurement decision and is meant to allow the risks and benefits to be identified clearly up front|