Terms and Definitions

Term	Definition / explanation
Chamber of Commerce extract	Extract from the Trade Register of the Chamber of Commerce, containing the basic details of the company. This document may be no more than 6 months old.
Copy of proof of identity	Copy of an identity document (ID card, passport or driving licence), both front and back, of the responsible person(s).
Business bank statement	Bank statement showing the IBAN and company name. May be balanced, amounts may be crossed out.
Home address in Admin Panel	The private address of the owner/manager must be entered in the Admin Panel on the personal My account page.
UBO form	Form listing the ultimate beneficial owners of the company and their shareholding.
Acting director	The person authorized to act on behalf of the company and to enter into the agreement with Pay.nl.
Power of attorney	Written authorization authorizing someone to manage payments on behalf of the company (required if this person is not listed in the Chamber of Commerce extract).
Utility bill / proof of address	Proof of address, such as a gas, water, or electricity bill, is sometimes requested as additional verification.
Purchase invoice	An invoice for goods or services purchased by the company may be requested as additional proof of business activities.

Term	Definition / explanation
Clearing	The process by which a merchant's accumulated funds are paid out to the linked bank account.
Clearing frequency	The frequency with which payments are made, for example daily, weekly, or monthly.
Release period	The schedule that determines after how many days payments are processed per payment option.
Total clearing amount	The amount paid out to the merchant after deducting fees, reservations, and other costs.
Reservations	Amounts temporarily reserved to cover potential chargebacks or other risks.
Chargebacks	Transactions where a payment is reversed, for example due to fraud or customer complaints.
Transaction costs	Costs charged for processing payments, such as transaction fees per payment method.
Clearing history	An overview of all executed payments, including dates, amounts, and status.

Term	Definition / explanation
Invoice number / Invoice ID	Unique reference for an invoice (e.g. PAYNL-2020167893) to be used for payments and transfers.
Download invoices	Option to download individual invoices as PDFs or multiple invoices in a ZIP file.
Invoice specification	Detailed overview of transactions per payment method; can be downloaded in PDF, CSV, or MT940.
Payment term	Invoices must be paid within 14 days of the invoice date.
Payment method	Invoices can be paid automatically via book balance, direct debit, manually via the Admin Panel, or by bank transfer.
Billing frequency	Weekly or monthly invoicing. Standard: weekly every Monday; optional: monthly on the first business day.
VAT	Services provided by PAY. are subject to VAT in the Netherlands; EU companies with a valid VAT number are subject to the reverse charge mechanism; no VAT outside the EU.

Terms and Definitions – Over PAY