| Term | Definition |
|---|---|
| Issuer | The offshore company that creates and owns the cheque batches |
| Instance | Platform tenant operated by the Issuer’s business team |
| Merchant | Distributor / agent who sells cheques to end customers |
| Agent commission | Upfront markup retained by merchant from end customer payment |
| Rebate | Post-settlement payment from Issuer to merchant, based on settled volume |
| Settlement Statement | Document from Issuer to merchant: amount owed for activated cheques in the period |
| Agent’s Report | Document from merchant to Issuer: summary of sales and remittance |
| Rebate Notice | Document from Issuer to merchant: rebate amount for the period |
| Platform Invoice | Document from platform operator to instance operator: infrastructure fees |
| Face value | The USDC denomination of the cheque — the “price” of the product |
| Settlement currency | The fiat or crypto currency in which the merchant remits to the Issuer |
| FX rate lock | Exchange rate fixed at statement issuance, not at payment |
| Contingent liability | Merchant’s obligation for shipped but not yet activated cheques |