Contract: A personalized agreement that defines how your business operates on our platform such as your preferred payment methods, collection channels, what fees apply etc.
BVN (Bank Verification Number): An 11-digit unique identity number issued by the Central Bank of Nigeria (CBN). We use your BVN solely to verify your identity (KYC) so you can start transacting. We cannotaccess your funds or your transaction history using just your BVN.
Cap: The maximum fee you pay for a single transaction, regardless of the transaction amount.
Chargeback: A dispute raised by a cardholder claiming a transaction was fraudulent or unauthorized.
Destination Account: The intended recipient of the funds; the specific account where the money is to be deposited.
IP Whitelisting: With IP Whitelisting, you create a secure perimeter around your account by restricting payout requests to a specific list of trusted IP addresses. Monnify will only honor requests from these verified sources. This way, your money is protected in case of a compromise.
KYC (Know Your Customer) / KYB (Know Your Business): The mandatory process of verifying your identity as a merchant or the customer.
Mandate: A formal permission that a customer gives so the merchant can debit the customer’s bank account directly at set intervals without asking them.
Merchant: That’s you. In the Monnify ecosystem, a "Merchant" is any individual, business, or organization that uses our platform to accept or disburse payments.
Paycode: Short for payment code. It is a 10-digit number generated by merchants for their customers to take to a Moniepoint Agent to withdraw cash.
Pay-in: Any money coming into your Monnify business account.
Payout: Also called disbursement or transfer. These terms are often used interchangeably to mean money moving out of your Monnify wallet.
Settlement:The transfer of your collected funds to your settlement destination after processing fees are deducted. Settlement destinations include your Monnify wallet (default) or your linked commercial bank account.
Settlement Cycle: The timeframe for transferring your collected revenue to your settlement destination.
Source Account: The origin of the funds. This is where the money is being drawn from; whether it’s your business account as a merchant (for payouts and disbursements) or a customer’s account during a payment.
Split Payment (Sub-accounts): With this feature, you get to automatically divide a single incoming payment between 2 or more different destinations.
Tokenization: Card tokenization allows a merchant to debit a customer’s card without requiring any input from the customer for subsequent transactions.
Virtual Account: A dedicated account number generated for your business or your specific customers.
Wallet: Your digital account balance on the Monnify dashboard. By default, all the money you collect from customers builds up and is paid into your wallet at the end of the day. Unless you change your settings to receive settlement directly in your business bank account.
Webhooks: A mechanism Monnify uses to send real-time transaction details to merchants so they don’t have to request it every time.