Understanding card payment processes and using the tools available is crucial for businesses looking to optimize revenue and improve security.
- Card tokenization improves payment security by replacing sensitive data with network tokens, reducing fraud risks and increasing authorization rates.
- Smart retry logic maximizes revenue recovery by automatically retrying failed payments, ensuring fewer payment failures and minimizing customer churn.
- Payment lifecycle provides instant updates on transaction events, such as chargebacks, allowing for quick problem resolution and improved customer support.
- ECI and MAC codes provide detailed information about transactions, helping troubleshoot issues and refine payment strategies to increase success rates.
Manage card payments by tracking orders (customer requests) and transactions (cash flow) at various stages. Orders move from creation to final states, such as approval or refund.
Webhooks notify merchants of key real-time events such as refunds, cancellations, and chargebacks, helping optimize payment processes and manage risk.
Merchant Advice Codes (MACs) from Mastercard provide specific reasons for transaction declines, offering actionable recommendations to address payment issues.
These codes range from advising updates to account details to suggestions on transaction retry timing, fostering better decision-making and potentially increasing approval rates.
Electronic Commerce Indicator (ECI) values signify the authentication level of a transaction, influencing both the authorization process and the extent of liability protection afforded to it.
Understanding and correctly applying ECI codes is critical as it affects transaction risk management and determines liability for unauthorized charges.