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recurring orders
A recurring order is an order that will be automatically resubmitted for
payment after a specific period of time. Orders can recur daily, weekly,
monthly, quarterly, or yearly.
Refund
A refund, or credit, is a transaction that returns money to a credit card
customer. For credit card transactions, a refund is an additional transaction
that prompts the bank to release the cardholder’s money back to the credit
card account. Within the Great Plains software, refunds are used to attach
payments to returns and to offset sales that are being voided or deleted.
rejected check
A check that the buyer’s bank has returned to the seller’s bank is called a
rejected check. The buyer’s bank has returned the check to the seller's bank
with an insufficient funds notice.
rejected payment
When the bank has rejected a buyer’s payment, the payment is considered a
rejected payment. Depending on the original payment method, a rejected
payment can be issued in the form of a chargeback from the credit card
company or a bounced notice from the seller's bank.
resubmitted
When an order is submitted for another charge transaction, this is called
resubmitting the order. Orders can be resubmitted automatically if it is
recurring or manually by the seller. Often a seller will need to resubmit an
order when the buyer's credit card was declined and the buyer contacts the
seller with a new credit card.
secure server
A secure server is a Web server that encrypts all communication between
users and the server using SSL or SET encryption.
settlement
A settlement is the process by which credit card transactions are actually
completed and sent to the various issuing and acquiring banks for funding.
Receiving an approval code is the first step by verifying the cardholder has
enough credit on their card for payment and reserving the credit. The
settlement of the approved transaction prompts the bank to release the
payment funds to the seller.
SSL
SSL is a system for encrypting data sent over the Internet by having the
user's computer and the server exchange public keys. The public keys allow
AssureBuy Payment Processing Microsoft Great Plains Dynamics/eEnterprise Glossary of Terms • 123