GLOSSARY

GLOSSARY of standardised terms and definitions

This document sets out a number of standardised terms, and their meaning, related to the most common services linked to a payment account. The purpose for standardising these terms is to help customers compare common services and fees with other payment services providers.

TermDefinition
Payment accountrefers to a financial account designed for storing and managing electronic money. This service is offered as a product of the cooperation between ProfitApp and Paywiser d.o.o. Registered Users of ProfitApp may opt for payment account after going through a KYC verification process (described above). ProfitApp and Paywiser are acting as joint controllers of the data collected during the KYC verification process, this is proceeded in accordance with the General Data Protection Regulation (EU).
Maintaining the accountThe account provider operates the account for use by the customer
Credit transfer-Account to account transferThe account provider transfers money, on the instruction of the customer, from the customer’s account to another account.
Standing orderThe account provider makes regular transfers, on the instruction of the customer, of a fixed amount of money from the customer’s account to another account.
Payment (POS terminal)Enables transfer of funds from the customer’s payment card to the merchant’s account.
Cash withdrawalThe customer takes cash out of the customer’s account.
Cashbackthe sum of e-money credited to your ProfitApp Account resulting from qualifying purchases made at participating merchants.
Top-upmeans adding funds to your ProfitApp Account to obtain e-money.
Account to account transferRefers to the movement of funds from one ProfitApp account to another. This is done electronically through ProfitApp application.