What is meant by Payment functions?
"Payment functions" refer to the various capabilities that software offers to accept and process payments. Typical payment functions include integrating payment methods such as credit cards, debit cards, bank transfers, PayPal, or other electronic payment methods, securely processing payment transactions, managing payment information and customer accounts, generating invoices and payment requests, providing billing and reporting functions, and complying with security standards and legal requirements in payment processing.
Typical functions of software in the "payment functions" domain include:
- setting up and configuring different payment methods
- providing payment gateways for transaction processing
- encrypting payment information for security and privacy
- tracking payment histories and transaction statuses
- generating payment reports and settlements
- managing chargebacks and refunds
- setting up subscription or recurring payments
- implementing security measures such as 3D Secure or PCI-DSS
- customizing payment processes to meet the specific requirements of the company or users
