Key terms

Terms to know

Payment - Payments are sometimes referred to as 'financings'. These are the agreement between the customer (sometimes referred to as 'borrower' or 'client'), merchant, and Finove to finance a purchase. You can think of this like a credit card payment, but instead of the customer paying the merchant via a credit card, they are paying via Finove. Finove pays the merchant and the customer repays Finove over time.

Payment Request - A payment request is the registration of a purchase by the merchant. This payment request is how the customer completes the financing. Every payment requires the merchant to first create a payment request. Payment requests can be created via the merchant dashboard or through the API.

Customer - A customer is a company that is connected to your merchant account by either completing a payment to your company or through following your invite link. Once a company is a customer, you will be able to view their financing terms, including their available balance. A company does not need to be a "customer" in order to create a payment request for them, but they will only show up in your "customers" list (in the API and in the dashboard) once they complete the payment.

Credit Line - Every borrower has a credit line with a maximum limit that they can use to finance purchases. This is a revolving credit limit, so as they pay off installments, they unlock that amount to us again for another purchase.