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Paycheque Terminologies

  • Remittance: Status
  • Waiting: This shows the state of a matched contribution. The sender will have to pay within this window.
  • Paid: Payment has been made and POP uploaded to the receiver, but receiver has not confirmed receipt.
  • Accepted: The receiver has confirmed payment receipt
  • On Hold: Any Remittance that is subject to dispute remains on hold until resolution.
  • Remittance: Time
  • Send time: This indicate the time of the matching of contributor to receiver
  • Pay before: indicate the 24hrs countdown within which payment must be made
  • Paid time: Indicate the exact time payment memo was sent with or without attachment of POP.
  • Accept Before: 24hrs plus paid time. Indicate the 24hrs window that confirmation must be made by the receiver.
  • Accept Time: The exact time acceptance/confirmation was done by the receiver.
  • Last Updated time: Track the last time an update occur on the status of the remittance.
  • Contribution: Status New: Indicates an intension/promissory note. New contribution.
  • Contributing: Indicates a matched contribution. You have 24hrs to fulfil this obligation.
  • Contributed: Indicates that your contribution is confirmed by receivers as a whole.
  • Ready: Signifies that a contribution has matured after 7 days of confirmation.
  • No Recommit: Signifies that a contribution has matured after 7 days of confirmation but has no pair or recommitment.
  • Forfeited: Means an outright forfeiture when a No Recommit contribution has been abandoned for at least 7 days. This status is an end-of-life for the said contribution. For instance, a contribution made on a Monday will be ready on the next Monday for collection ONLY if there was another one that has been contributed (the recommit), however, in the absence of recommit, the contribution status goes to No Recommit, if by another Monday following this state, the status has not changed, this leads to forfeiture, indicated by the status 'Forfeited'.
  • Collecting: Indicates that an entrepreneur has been attached to pay you.
  • Collected: Indicates the end of life (EOL) of a contribution circle. Contribution:
  • Time Contributed time: Indicates when your contribution is accepted as a whole.
  • Ready time: Indicates contributed time plus 7 days.
  • Collected time: Indicates the time of collection acceptance.
  • Contribution Details Contribution: Indicates your minimum balance Contribution
  • paid: Indicates the exact amount per event.
  • Contribution balance: This is the difference between contribution and contribution
  • paid Collection: The exact amount expected.
  • Collection paid: Indicates the exact amount received per time
  • Collection balance: Indicates the difference between collection and collection paid.
  • Collection bonus: Indicates the total amount of bonus withdrawable with the collection.
  • Collection ROI: Indicates the benefit accretion.
  • Collection interest: Interest applicable at the time of collection 50% or 20% if mentee defaulted.
  • Rental: 5% service charge applicable Bonus History:
  • Type Unripe: Bonuses not available for withdrawal until the ready time of the contributions that generated them.
  • Withdrawal: Indicates cash out bonuses.
  • Deposit: Withdrawable bonuses.
  • Bonus Reason: Guarantor bonus from mentee
  • Stage bonus: is what you get when you increase your contribution.
  • Bonus brought forward: is the amount you are not allowed to withdraw because it is less than a 1000.  
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Contacts

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