Core concepts

The finmid B2B Payments solution supports the following core concepts:

1. Platform
   A platform entity connects buyers with sellers and facilitates all the interactions – such as transactions – between these entities.

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   A platform is finmid's direct customer (i.e. the entity that integrates finmid's APIs). A platform instance cannot be created through a public API - a unique instance is automatically created for each business that finmid enlists as a platform.

2. Seller
   A seller is an entity that lists its products/services on the platform for sale.

   A platform must onboard the seller on the finmid platform to enable the B2B Payments solution for the seller products to be processed in the payment-request.

   On successful payment processing, the amount is then disbursed to the seller along with the invoices, if applicable.

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   For platforms that own and list the products and services for sale, the platform also acts as the seller and would have to onboard itself as a seller on the finmid solution.

3. Buyer
   A buyer is any entity that purchases products/services from sellers on the platform.

   A platform must onboard the buyer onto finmid to perform a creditworthiness check and enable the buyer on finmid's B2B Payments solution.

4. Payment-Request
   A payment-request encapsulates a payment processed via a loan from finmid.

   This request includes all necessary data such as the buyer, seller and line items involved in the transaction for finmid to process the loan request.