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Chargeback
A chargeback is the refund of an amount paid by credit card to the cardholder's card when the purchased goods or services were not received, or when a transaction was not actually carried out by the cardholder.
Payment Systems
FTS (Termination Tracking System) lets banks check, before signing a merchant agreement, whether the applicant company or its representative has a negative history with any bank.
Payment Institutions & E-Money
Online shopping keeps growing, and e-commerce sites must choose between working with a bank or a payment institution. This article explains why a single application and integration with a payment institution can be the better route.
Open Banking
NextGenPSD2 is the set of API standards launched by the Berlin Group in 2017, now involving more than 1,700 banks from 20 countries. This post explains what the framework offers to banks, fintechs and third-party providers under PSD2.
Credit Card
While reviewing your credit card statement, you suddenly notice a transaction you never made. What would you think? Is your card going shopping while you sleep? Let's look at how this can happen and what to do about it.
Clearing
The interchange fee applies to transactions where the card-issuing bank and the POS/ATM-owning bank are different (for example, withdrawing cash from Bank Y's ATM using a Bank X card). But is the fee the same for ATM and POS transactions?
Merchant & POS
An offline transaction is one approved by the card and the POS themselves, without going to any system (the card's bank or the POS's bank), when a chip card transaction is made at a POS. For this reason, some sectors considered risky are restricted.
Merchant & POS
Code 10 is when a merchant suspects the cardholder or the card is counterfeit and calls the card's bank, which then verifies the transaction with the merchant's bank. If staff suspect a card or cardholder, they should call the bank immediately.
Merchant & POS
When any sole proprietorship or commercial business applies to become a merchant, banks install a POS device, paying significant amounts to purchase each one, then rent the devices to merchants.
Merchant & POS
When signing a merchant agreement, merchants declare their line of business, which banks record as an MCC (Merchant Category Code). A merchant may only sell products or services within the line of business declared to its bank.
Credit Card
When banks launch a new card product, they can do it under an existing BIN or a new one. A new BIN requires much more work: BKM announces it, every bank defines it and every POS has to download it.
Merchant & POS
In the world of payment systems, both the issuer (the cardholder's bank) and the acquirer (the POS/ATM bank) must follow certain rules for card transactions made through a POS terminal or an ATM. Responding to transactions within a certain time is one of these rules.