Buckaroo Support - EN

Terminology

It’s useful to know the meaning ot the many abbreviations and specific terms that are used in the payment industry. Below you’ll find an explanation.

  • DMS = Director and Major Shareholder (DGA in Dutch) = Person working for a private company or a public limited company. This person holds a relatively high administrative position and also owns a substantial part of the company shares.
  • UBO= Ultimate Beneficial Owner = The ultimate beneficiary of an organisation. This is a natural person who:

    - Has an interest exceeding 25% of the legal entity’s capital
    - Can exercise more than 25% of the voting rights during the general meeting 
    - Is the beneficiary of over 25% of the assets of the legal entity

  • Mandate reference = direct debit mandate ID = A unique number, generated by the Merchant, referring to the issued authorisation.
  • Creditor identifier = The unique feature with which the creditor can be identified (Incassanten ID in Dutch). Each party in the SEPA field that is allowed to instruct the bank to charge a customer with direct debit, has such a feature. Combined with the direct debit mandate ID, the creditor identifier represents a unique combination for every direct debit transaction.
  • RESTREpresentational State Transfer = A software architectural style that defines a set of constraints to be used for creating web services. Web services that are created according to the REST architecture are also called RESTful web services. These services provide an exchange platform for computers on the internet. To put it simply: REST is a way to control or protect the transport of data.
  • JSONJavaScript Object Notation = A standardized data format. JSON uses visually readable text in the form of data objects consisting of one or more attributes with associated value. It is used mainly for the exchange of data between server and web application, and serves as an alternative for SOAP/XML.
  • Journal entry = In case of double-entry bookkeeping, the journal entry states which general ledger accounts are debited and credited for financial facts. For each journal entry, the total of the debit amount and credit amount has to be equal. Therefore, a journal entry consists of at least two lines (and often more).
  • General ledger = The master set of all general ledger accounts.
  • General ledger account = A general ledger consists of several general ledger accounts, which gives insight into the costs and revenues of a company. Every general ledger account has its unique number and description.
  • Balance sheet account = Account that lists a company’s assets and liabilities, such as: buildings, inventory, equipment, equity capital, loans, bank, debtors, creditors and company cash.
  • Income statement account= Account listing financial details about purchases, sales, travel expenses, salaries, computer costs, advertising expenses and interest.