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A decline code in a payment processing is generally a 2-digit alphanumeric code that tells the reason why the payment was declined. For example, Error Code 14 indicates that the card number is invalid. This code can come from card issuer, payment processor, or credit networks.
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A Software Escrow is an agreement that is simple and an efficient tri-party setup consisting of mutually agreed terms between the software customer, software supplier, and an independent escrow service provider.
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Tokenization in payment processing is like giving your credit card a secret identity. Instead of sharing your real card number during transactions, a token—a unique random number—is used instead. This keeps your actual card details safe from hackers because its actual details are not stored or used during transactions.
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In payment processing, settlement is when the money moves from a customer to a merchant after a transaction is done.
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A refund in payment processing is when a business gives back money to a customer after they've already paid. This typically happens if the customer doesn't like what they bought or doesn't need it anymore.
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handle the transfer of money by communicating with the merchant, the customer's bank, and the merchant's bank. They make sure the payment details are correct, check if you have enough money, and then transfer the funds securely.
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Techjockey’s software industry experts offer advice for educational and informational purposes only. A category or product query or issue posted, created, or compiled by Techjockey is not meant to replace your independent judgment.
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