Commonly Used Definitions
There are a lot of words and definitions in the e-commerce / software world that will catch you off guard for the first couple of times. This section will provide an explanation for the most commonly used definitions.
API – “Application Program Interface” is a set of routines, protocols, and tools to specify how software components should interact.
Void – Cancellation of a transaction before it was settled and the funds were moved from one account to the other. (usually takes ~24 hours).
Refund – Returning the funds taken from one account to another; Post-Settlement.
Partial Refund – Returning part of the funds taken from one account to another; Post-Settlement.
Settlement – is the processing method that starts with a purchase and ends with the total amount of the purchase exits the shopper account and enters the sellers account. Usually takes up to 24 hours.