What is batch?

A batch refers to the collection of recorded sales transactions that are awaiting settlement. Throughout the day, multiple batches may accumulate. We highly advise our merchants to initiate batch processing at least once daily.

What is decline or declined?

A decline occurs when an authorization request is rejected by the Issuer Member or on its behalf. A processor decline signifies that the consumer’s issuing bank has declined the transaction request. While the response code may provide some insight into the reason for the decline, only the consumer’s issuing bank can provide confirmation regarding the specific cause.

What is authorization?

Authorization involves verifying that the cardholder possesses sufficient funds within their credit line. A successful authorization generates an authorization code and reserves the necessary funds, subsequently reducing the cardholder’s available credit limit by the authorized amount.

What is recurring transaction?

A recurring transaction is a payment charged to a cardholder, with their prior consent, at regular intervals for a predefined series of products or ongoing services. For instance, you might bill your customers (with their approval) on a weekly, monthly, quarterly, or yearly basis.

What is settlement?

As the value of a sales transaction moves from the merchant to the acquiring bank and finally to the issuer, each party engages in buying and selling the sales ticket. Settlement is the process wherein the acquiring bank and the issuer exchange data or funds. It also signifies the precise amount of funds transferred by an acquirer to a merchant in exchange for accepting a card transaction.

What is payment gateway?

A payment gateway is an eCommerce service provider that grants authorization for credit cards or direct payments, catering to e-businesses, online retailers, and even traditional brick-and-mortar establishments. It serves a function similar to that of a physical point-of-sale terminal commonly found in retail stores.

What is transaction?

A transaction is any event that alters an organization's financial status or net worth through regular activities. This can encompass various actions, such as advancing funds, buying goods from a retailer, or activating a revolving line of credit. Transactions can also involve activities related to deposit accounts initiated at the request of the account holder.

What is virtual terminal?

A virtual terminal empowers merchants to accept payments from virtually anywhere they have internet access, eliminating the need for physical card swipes, dips, or software installations. It proves particularly beneficial for merchants who receive sales orders through phone, fax, or in-person interactions.