Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Cancellation of a transaction
A previous transaction is reversed in whole or in part. If the entire amount is cancelled, this cancels the transaction, provided it has not yet been settled by the acquirer.
Accounting
The word reversal is a term used in accounting and bookkeeping. Once recorded business transactions can no longer be removed or deleted due to the principles of balance sheet clarity and balance sheet truth in accounting, but must be offset by an opposite entry. Pursuant to Section 239 (3) HGB, an entry may not be altered in such a way that the original content can no longer be determined.
Termination of a contract
A successful cancellation causes an immediate termination of a contract. If mutual services have been rendered, they must be returned. The company accepting the cancellation may include in the General Terms and Conditions provisions on any cancellations concerning the cancellation period and cancellation fees.