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Glossary of Terms for Small Online Businesses

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
A
ACH Automated Clearing House. A regional organization used by member banks to electronically transfer funds between members. Your payments are transferred to your bank.
Account (Company) Quick access to settings and tools for managing various aspects of your business within Honor Services Office.
Accounting Measurement, processing, and communication of financial information about your businesses.
Appointment (Calendar) An arrangement to meet someone at a particular time and place.
Approval (Online Payment) An authorized transaction is a debit or credit card purchase for which the merchant has received approval from the bank that issued the customer's payment card.
Article (SEO) A searchable piece of writing that establishes you or your business as the expert.
B
B2B (Business-to-Business) Companies that sell to other businesses.
B2C (Business-to-Consumer) Companies that sell directly to consumers.
Billing (Invoice) The process of making out or sending invoices through email with a payment link to your payment gateway.
Billing (Recurring) Invoices that are sent on a regular interval
Bootstrapping Financing a startup company with one's own finances.
Bookkeeping (Accounting) The activity or occupation of keeping records of the financial affairs of a business.
Burn Rate Reporting The rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations.
Business Bank Account Business banking is a company's financial dealings with an institution that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals. Business banking is also known as commercial banking and occurs when a bank, or division of a bank, only deals with businesses.
Business Day (Online Payment) A day on which a Federal Reserve Bank to which a Member may send applicable items for presentment is open for business, other than a state bank holiday.
C
Call to Action (Email Marketing) A piece of content intended to induce a viewer, reader, or listener to perform a specific act, typically taking the form of an instruction or directive (e.g. buy now or click here )
Campaign (Email Marketing) The use of email marketing tied to content marketing, tracked for a certain period of time with the purpose of boosting awareness and interest.
Cash Flow The total amount of money being transferred into and out of a business, especially as affecting liquidity.
Cash Infusion Injection of funds into a company by a business benefactor with a financial stake in the company.
Close (Accounting) An accounting procedure undertaken at the end of the day to ensure that all business transactions from the current day have been correctly processed.
Company A business organization that makes, buys, or sells goods or provides services in exchange for money.
Company Profile A professional introduction of the business that aims to inform the audience about its products and services.
Convenience Fee According to Visa, certain criteria must be met in order for a merchant to charge a convenience fee. For example, the fee must be disclosed prior to payment, presented as a flat fee (i.e. not a percentage of the sale), and applied to all means of payment accepted in that channel.
Conversion (Client) The act of converting a potential client into a client.
Conversion (Email) A client or potential client clicks on a call to action button or link embedded within an email sent by your organization.
Cost of Goods Sold Direct costs attributable to the production of the goods sold in a company. This amount includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good.
CRM Contact Relationship Management or Client Relationship Management software keeps track of vital information used to manage a viable relationship.
Customer Portal A client portal is an electronic gateway to a collection of digital files, services, and information, accessible over the Internet through a web browser. The term is most often applied to a sharing mechanism between an organization and its clients.
D
Data Encryption The process of transforming processing information to make it unusable to anyone except those possessing special knowledge, usually referred to as a key
Database A collection of data organized and designed for easy access, e.g., a collection of customer names and addresses.
Debit (Online Payment) An entry recording an amount owed, listed on the left-hand side or column of an account.
Decline / Declined (Online Payment) A cardholder's bank refuses to authorize the transfer of funds as a result of possible fraud, insufficient available credit, lost or stolen card, etc.
Deep Engagement Self-Activation Content Marketing campaigns activated by clients or potential clients, providing stimulating information while indirectly boosting interest in the company's products or services.
Deposit Account See Business Bank Account
Deposit Credit (Online Payment) A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Discount A deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers.
E
Electronic Commerce The transacting of business electronically rather than via paper.
Electronic Funds Transfer (EFT) A transfer of funds between accounts by electronic means rather than conventional paper-based payment methods.
Email Marketing The use of email to develop relationships with potential customers and/or clients.
EMV (Online Payment) Euro Pay, MasterCard and Visa, is a microchip-based technology designed to reduce fraud at the point-of-sale.
Estimate An approximate calculation or judgment of the value, number, quantity, or extent of the business transaction.
F
Financial Report A formal record of the financial activities and position of a business, person, or other entity.
Fiscal Year A year (12 consecutive months) as reckoned for taxing or accounting purposes.
Forever Totals (Accounting) A general ledger listing of all financial transactions that cannot be erased.
G
General Ledger The main accounting record of a company or organization.
Gross Profit (Reporting) An income statement entry that lists total revenue minus cost of goods sold (COGS).
Group List (Email Marketing) A list of potential clients or clients grouped by industry, interest, type or many other categorizations. Group lists are effective when attempting to send targeted messages.
H
Home Page Main page of a website which gives detailed information on its owner and provides links to its other parts. Usually it is the first page seen by every visitor.
I
Interest (Sales) The state of wanting to know or learn about the company, product or services.
Inventory A complete list of items such as services, property, goods in stock, or the contents of a building.
Invoice A list of goods sent or services provided, with a statement of the sum due for these; a bill.
J
Journal Entry The logging of a transaction into accounting journal items. The journal entry can consist of several recordings, each of which is either a debit or a credit.
K
Keylogger A computer program that records every keystroke made by a computer user, especially in order to gain fraudulent access to passwords and other confidential information.
L
Landing Page The section of a website accessed by clicking a hyperlink on another web page, typically the website's home page. Email marketing campaigns use call to action buttons that direct people to a landing page.
Lead The identification data gathered from a prospective buyer of a product or service.
Ledger A book or other collection of financial accounts of a particular type.
Limited Quantity Offer Leveraging scarcity to promote purchases.
Limited Time Offer Leveraging short well defined time frames to promote purchases.
Logo A symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.
M
Marketing Automation Marketing automation refers to software platforms and technologies designed for marketing departments and organizations to more effectively market on multiple channels online (such as email, social media, websites, etc.) and automate repetitive tasks.
Merchant Account A bank account that enables the holder to accept credit cards for payment.
N
Net Profit The actual profit after working expenses not included in the calculation of gross profit have been paid.
O
Online Business Any kind of business activity that happens over the internet. Running an online business can include buying and selling online or providing an online service.
Order Number A unique identifier of a Sales Order.
P
Payment Card Industry Compliance The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information adequately protect cardholder data. The PCI DSS is administered and managed by the Payment Card Industry Security Standards Council (PCI SSC), a non-governmental regulatory body established by the Card Associations.
Payment Gateway (Online Payment) A merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar
Personal Plan Personal development planning is the process of creating an action plan based on awareness, values, reflection, goal-setting and planning for personal development within the context of a career, education, relationship or for self-improvement.
Potential Client A sales lead with the potential to become a client.
Processor (Online Payment) An organization that is connected to VISA Net and or Banknet and provides authorization and/or clearing and settlement services on behalf of a member.
Profit and Loss Statement An income statement or profit and loss account is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income.
Pro-Forma Statement A statement that provides financial projections based on "what if" scenarios when formulating business plans, estimating cash requirements, or when submitting financing proposals.
Publish Article A well-defined topic or topics that are related in some way, such as a factual account of a newsworthy event. The writer of a well-written article is seen as objective and showing all sides to an issue.
Q
Qualify (CRM) The act of assessing the potential clients' ability or willingness to purchase.
R
Reason Code A brief description of the reason for the journal entry.
Receipt Mark (a bill) as paid.
Recurring Expense Offset (an item of expenditure) as an expense against taxable income that recurs on regular intervals.
Relationship List See Group List.
Role - Administrator An authorized employee who is granted access to create, edit and delete database records.
Role - Primary Otherwise known as the business owner. Grants access to administrators and staff. Has all rights to all information.
Role - Staff An authorized employee who is granted access to create, edit and delete specific database records they have been granted access to.
S
Sales Order A contract between your Sales Organization and a Customer for supply of specified goods and/services over a specified time frame and in an agreed upon quantity or unit.
Search Engine Optimization (SEO) The process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.
Security Compliance Review A review that is based on an approved checklist and that is performed by a Member’s or Processor’s Approved Auditor to verify the Member’s or the Processor’s compliance with these Rules.
Shopping Cart Software Shopping cart software allows the cardholder to select items from an online store and place them in a virtual shopping basket or shopping cart. The shopping cart remembers which items are selected while the cardholder views other items within the virtual storefront, keeps a running total, and may calculate taxes and shipping. The items in the shopping cart are eventually ordered if the cardholder chooses.
Start Up Help Guide A guide from which a start-up can follow the steps to get into business operations in an organized fashion.
T
Tax A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
Transaction (Online Payment) An instance of buying or selling something; a business deal.
Transaction Date (Online Payment) A transaction date is the date upon which a payment takes place for an order or invoice.
Transaction Fees (Online Payment) Service costs charged to a merchant on a per-transaction basis.
U
Unearned Income A current liability on the balance sheet (ledger) until it is recognized as earned income during the accounting cycle. This will show up as a debit until payment is made or the invoice is canceled, deleted or voided.
User Fee A fee charged for the use of a product or service. Unlike a tax which is imposed upon the general population, the user fee is charged to an individual only when that individual uses the product, service, or commodity.
V
Visitor A client or potential client who opens an email marketing or deep engagement self-activation campaign.
W
Webpage Electronic (digital) document created with HTML and, therefore, accessible with a browser. In addition to text and graphics, webpages may also contain downloadable data files, audio and video files, and hyperlinks to other pages or sites. A website is usually a collection of webpage.
X
Xenial A friendly relationship between two parties, in particular between a hospitable host and his or her guests. All clients and potential clients should enter into a long lasting relationship with your company.
Y
Year-End The end of the fiscal year. Usually when annual reporting is done.
Z
Zero Balance Account A checking account in which a balance of zero is maintained by transferring funds from a master account in an amount only large enough to cover checks presented.