# Glossary

## A

## B

* **Balance account**: A currency balance account used to store the party's funds ahead of payout
* **Beneficial owner**: Used to store the details about a specific beneficial owner, for the purpose of identity verification checks for companies


## C

* **Company**: A  business structure that represents a legal entity, and is legally separate from its owners. Includes all types of legal entities other than **person** or **sole trader**.


## D

## E

## F

## G

## H

## I

## J

## K

## L

## M

## N

## O

## P

* **Party**: Usually the seller. The overall party record which you can use to split a payment or a payout. Also used to store information about the party for identity verification checks.
* **Payout instrument**: A single reference to store the details for a payout to this party (i.e. Account Number, Sort Code, etc).
* **Person**: A natural person providing goods and/or services on merchant's platform. A human being with legal rights and obligations, subject to personal liability in legal terms.


## Q

## R

## S

* **Sole trader**: A self-employed individual, a sole proprietor, who runs a business under their own name or a registered trade name. The business is not a separate legal entity, meaning the owner is subject to personal liability in legal terms.


## T

## U

## V

## W

## X

## Y

## Z