CPX Glossary

Terms	Definitions
Institution/FI (Financial Institution)	These are all interchangeable and refer to banks or credit unions.
Buyers	Merchants or businesses that pay other businesses for goods or services provided to them.
B2B (Business to Business)	A business provides goods/services to another business. The business receiving the goods/services pays the providing business. One business pays another business.
B2C (Business to Consumer)	The business provides goods/services to a consumer (individual) and the consumer pays the business
Suppliers	Merchants or businesses that provide goods/services to another business
Merchants	A business can be both a buyer and a supplier depending on their offerings. However, all businesses are referred to as merchants.
ACH	Payments that are made by debiting the bank account of the payer (buyer or customer) and crediting them to the bank account of the (merchant or supplier)
Accounts Payable	A department or collection of bills/money owed by a company to its suppliers or creditors
E Payables	The action of converting the traditional business to business payments from paper checks to an online payment program.
Payment File	A CSV file provided by the Buyer specifying payments that should be made to their Suppliers. This file contains the following: supplier name, supplier ID, invoice numbers, payment amounts, and any additional detail about the transaction.
XMID (Extended Merchant ID)	An account number that is provided by the processor (Priority Payment systems in this case) to quickly identify business/merchant accounts.
VCN (Virtual Credit Card Number)	A credit card number that is not associated with a physical plastic card. These card numbers are created and typically intended for one-time use. They can have restrictions on them such as max dollar amount, transaction limits,
Transaction	An individual payment.
Transaction Volume	A total number of transactions that have been made (only considers the count, not the amount) during the specified time period.
Payment Volume	The total dollar amount of payments that have been processed/charged during the specified time period.
Controller	an individual who has responsibility for high-level accounting within a business sometimes referred to as the CFO in smaller businesses.
Invoices/Invoice Number	Typically a system-generated number that increases by 1 each time a new invoice is created. Invoices are generated by the supplier and sent to the buyer to request payment.
Net Terms	Terms are associated with an invoice and let the buyer know how many days they have until the payment is due. Typical terms are Net 15, Net 30 (30 days to pay), Net 60, Net 90.
Initiation Date/Process Date/ Settlement Date	When a card or ACH payment is made it goes through a few different stages. These stages have dates associated with them in order to show the progression from one account to another. Initiation date is the date the payment was started