What does a 5002 error mean? Thaabit Mollagee March 09, 2016 10:05 Updated Follow In general 5002 errors are bank declines. The cardholder would need to query the decline with their card issuing bank Related articles 5002 - Prior authentication required What is a 5001 Error? Bank Rejection Codes And Reasons How do I Configure the My Terminal Settings? What does error code 05 mean? Comments 0 comments Please sign in to leave a comment.