MeevoPay - Payment Processing Solution (2024)

FAQs

Why does my payment say processing? ›

Does processed mean paid? Processed does not necessarily mean paid. If the bank says a transaction has been processed, that can mean that it has been authorized and authenticated but not yet settled - meaning, the seller may not see the funds in their account yet.

It's a crucial notification from the financial institution that has issued the credit card. The error means the bank has rejected your financial operation. That's a kind of generic rejection.

The traditional way takes a lot of work, time, and money. You could develop and build your own payment processing software. For this, expect to easily invest $100,000 to $250,000 simply to create a minimum viable product (MVP). Plus, you've got to obtain numerous financial licences and adhere to dozens of regulations.

A credit card transaction typically takes about 48 hours to settle. In general, your customers' online payments should clear within 1 to 3 days. The exact processing times can vary depending on the card issuer.

Credit and debit card transactions are often processed instantly, but funds can take a few days to clear. ACH or Direct Debit transactions typically take 1-3 business days, while wire transfers are usually processed the same day.

Payment processing failures often stem from data entry errors. Common mistakes include incorrect card numbers, expiry dates, or CVV codes.

Insufficient Funds: Usually, payments fail simply because the customer does not have the required funds available in their account to cover the transaction – or because they have exceeded their credit limit. In either case, their bank will typically reject the payment.

When a payment fails, it is likely due to filters the bank applies to certain transactions made online, or amount limitations applied to the card. If your payment is being rejected, please reach out to your bank to get additional information.

Ask the merchant or retailer to reverse the charge, cancel the sale or release the hold for the confirmed amount. The sooner you can reach out to the merchant, the more likely the pending transaction can be canceled. If you suspect fraud, skip the merchant and call your bank or card issuer first.

Why does payment processing take so long? ›

After the initial verification at checkout, the card issuers can take a day or two to investigate purchases. This is why bigger transactions take longer to clear—they have a bigger impact if they're fraudulent, so the card issuer is incentivized to take their time.

A processor decline indicates that the customer's bank has refused the transaction request. Sometimes you can tell why it was declined by reading the response code, but only the customer's bank can confirm the specific reason. The most common reasons for declines are: Incorrect credit card number or expiration date.

A payment processor vendor is a company that handles transactions between a buyer and a seller, facilitating the transfer of funds. The payment processor vendor plays a critical role in facilitating electronic transactions, acting as an intermediary between merchants, customers, and financial institutions.

Payment processing is the sequence of actions that securely transfer funds between a payer and a payee. Typically, it involves the authorization, verification, and settlement of transactions through electronic payment systems.

When a payment status appears as “processed pending” or simply “pending,” it signifies that the payment has been authorized but is not yet settled or funded. In simpler terms, the transaction has received the initial approval but is still awaiting completion of the final processing steps.

Processing means the transaction instructions have been submitted to the ACH network to debit the funds from the borrower. Pending means the payment is scheduled but instructions to debit the borrower haven't been submitted to the ACH network yet.

Payments made directly through your checking or savings account (via ACH) may take up to 5 business days to finish processing (not including Saturdays, Sundays, or bank holidays). For example, ACH payments made on Monday will clear the following Monday, and ACH payments made on Friday will clear the following Friday.