Kapcharge Glossary

Explore our glossary for quick and clear definitions of essential terms related to the Kapcharge platform and its accompanying documentation. Whether you're new or experienced, this resource is designed to enhance your understanding and streamline your navigation through our platform.

Global Terms

1Merchant
An entity that can process transactions has been onboarded with Kapcharge for processing.
2Wallet
An electronic wallet or digital wallet that stores merchant payment information and can be used to manage account payable and receivable. All payment methods are supported via one merchant wallet.
3Boarding/Onboarding
The process of adding merchants to the Kapcharge Platform to utilize Kapcharge payment solutions.
4PAD Agreement
Pre-Authorized Debit Agreement, refers to an agreement between a customer and a merchant that authorizes a third party, such as kapcharge, to deposit or withdraw funds directly to/from the customer's bank account. To process EFT transaction, PAD agreements need to be executed between merchants and their customers.
5Pay
Transferring funds from merchant wallet to a customer.
6Available Balance
The recorded balance in the Kapcharge system for a wallet/merchant account reflects the debits, credits and fees that have been applied to wallet. This balance is accessible to the merchant for spending. The available balance value excludes amounts from transactions that are currently In-Transit.
7Current Balance
The balance of a wallet/merchant account recorded in the Kapcharge system that shows the debits, credits and fees that have been applied to wallet.
8Collect
Transferring funds from customer bank account or credit card to merchant wallet.
9Interac
Canadian Interac, an interbank and debit network, facilitates online and point-of-sale purchases directly from bank accounts, as well as fund transfers.
10EFT
Electronic Funds Transfer that facilitates the clearing and settlement of payments between financial institutions.
11Auto-Deposit
It is a feature within the Interac e-Transfer service that simplifies the process of receiving funds electronically. With Auto-Deposit enabled on recipient's bank app, recipients do not need to manually deposit the funds into their bank accounts; instead, the funds are automatically deposited into their designated account.
12In-Transit
Pertains to financial transactions that have not been entirely completed by financial institutions. However, these institutions confirm and acknowledge the receipt of such transactions.

Interac Products

1Interac Pay
Sends payments to customers via Interac using the customer's name and email or bank account information.

If customer's bank account is enabled for Auto-Deposit, funds will be deposited to customer's bank account without any action needed by the customer.
2Advantages of Interac Pay
Processes transactions in real-time, providing recipients access to funds within minutes.

Relies on real-time verification through the sender's online banking system.

Transactions are rarly prone to chargebacks, with disputes resolved directly between the sender and recipient.
3Interac Collect
A Request for payment is sent to the customer via email, and the customer is required to take action on this request to complete the payment.
4Interac ADR (Auto-Deposit-Receive)
The customer can directly transfer funds to the merchant's wallet by initiating an Interac e-Transfer to the merchant's preconfigured email.

EFT Products

1EFT Pay
Credits customer's bank account via EFT network. Depending on the recipient's bank, the funds may take 12 hours to a few days to become available.
2EFT Collect
Debits customer's bank account via EFT network. Depending on the recipient's bank, the funds may take 12 hours to a few days to become available.
3Deposit to Wallet
An EFT transaction that transfer funds from a preconfigured merchant bank account to merchant wallet.
4Withdraw from Wallet
An EFT transaction that transfers fund from the wallet to a preconfigured merchant bank account.