What the words mean
Business words,
in plain language.
Plain meanings for words you may see on Kredit. If we ever have to use a big finance word, we explain it here.
- AAgeing
- How late a payment is. For example: not due yet, 1–30 days late, or more than 30 days late.
- DDispute
- When a seller or customer reports a problem with the goods or the amount owed. New bank debits exclude the disputed amount while it is being reviewed. A debit already sent to the bank may still complete.
- DDrawdown
- A new sale taken from a limit the seller already gave the customer. Like taking a bag of rice from a store you already agreed on.
- GGrace period
- Extra days after the payment day. Reminders continue, but no bank debit can start yet.
- MMandate
- The permission a customer gives so an approved payment company can debit their account, up to an agreed amount and no more.
- OObligation
- A sale that has started. It shows the money owed, the payment days and every payment made so far.
- PPayment claim
- When a customer reports a bank transfer. The seller must verify the money arrived before the balance drops. Cash is recorded separately by the seller.
- PPrincipal
- The money owed for the goods themselves, before any fee.
- PPublic receipt
- A receipt you can forward to anybody. It hides names, bank details and private records.
- TTrade credit
- When a seller gives goods now and lets the customer pay later. The seller supplies the credit; a bank or payment provider may still process the payment.