Search
352 articles found
Merchant & POS
For a POS device to be issued to a customer, the customer must have a legal entity status, such as a sole proprietorship, commercial company, or foundation/association. POS devices cannot legally be issued to individual customers.
Credit Card
BIN stands for Bank Identification Number, the unique code made up of a card's first 6 digits that identifies which bank issued it, under the ISO/IEC 7812 standard.
Merchant & POS
A POS batch close triggers reconciliation between the transactions under that batch number and the bank's records, and starts the transfer to the merchant's account.
Credit Card
In credit card transactions made through a POS, receiving approval alone is not enough for the transaction to post to the card's statement period; settlement must also take place. The settlement period, known as the open-authorization waiting time, varies by transaction type.
Credit Card
Visa, Mastercard, and TROY logos on a card represent the payment scheme behind it. Learn what these brands actually do and how a new BIN gets certified.
Clearing
The clearing system settles a transaction between two participants when a card from one bank is used at another bank's POS or ATM. Learn about the incoming and outgoing files used in interbank clearing.
Online & Authorization
A reference guide to authorization response codes seen on POS and ATM transactions, with plain-language explanations of what each code means and what to do about it.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.
Online & Authorization
EMV stands for Europay, Mastercard and Visa. In 1994 these companies formed a working group to set chip-card standards, leading to the EMV standards used worldwide today.
Agentic Commerce
Are We Ready to Give an AI Agent the Authority to Make Payments? Having long looked at complaint and dispute processes in payment systems, I think granting an agent payment authority is far different from research or product selection.
Payment System Institutions
One of the most important transformations in banking over the last few years has undoubtedly been remote customer onboarding. Individuals can now become bank customers within minutes without visiting a branch. Digital identity checks and contracts largely solved a long-standing problem...
Payment Systems
After switching to response code 70 for contactless limit-exceeded cases, we found that some overseas POS devices and acquirers did not handle it as expected. This post covers why the problem lies in the ecosystem and how to address it.