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Credit Card
Cases where authorization approval is declined have always puzzled cardholders. Whenever the response code requires contacting the issuing bank (usually for declined transactions), the date, amount, and response code of the failed transaction become very important.
Merchant & POS
The System Trace Audit Number (STAN) is a number assigned by the third-party system (ATM or POS) to help uniquely identify a transaction. It is generated in the range 000001 to 999999. Each new authorization message needs a new STAN; retries reuse the original STAN.
Payment Systems
When we hear “payment systems”, card transactions at POS terminals or ATMs usually come to mind. Let's look together at the payment systems recognized by the Central Bank.
Security
A Secure Card Reader for PIN (SCRP) is a multi-function card reader that turns any iOS, Android or Windows device into a payment terminal able to accept chip and contactless payments with PIN.
Security
SCRW (Smart Card Reader Writer) can be translated as Smart Card Reader/Writer. Smart chip card readers are sophisticated devices with built-in intelligence, usable in PCs, laptops, servers, smartphones, and set-top boxes.
ATM
The Integrated Motorized Card Reader Writer is a hybrid motorized card reader/writer used in some ATM models, self-service terminals, self-service charging machines, vending machines, and media inquiry machines, supporting magnetic stripe, RFID, and IC card reading.
Merchant & POS
A Letter of Approval (LoA) is a written approval from a card scheme or certification body letting a company proceed with a certified function. Learn how it works.
Merchant & POS
In payment systems, an online transaction means the transaction is sent to the card or POS/ATM bank at the moment it occurs, and required checks are obtained from that system. So does every transaction happen online? Of course not. Especially with contactless...
Credit Card
ISO/IEC 10373 specifies the technology-independent test methods needed to check that identification cards conform to the base requirements defined in ISO/IEC 7810 and related standards.
Merchant & POS
PIN Transaction Security (PTS) verifies that card data and PIN information are used for a payment transaction. It is a set of modular evaluation requirements managed by the PCI Security Standards Council for PIN-accepting terminals.
Contactless
As end users, we have come to love contactless payments, which are becoming a bigger part of daily life. So what features let contactless cards make payments without touching the POS terminal? There are two classes: MSD cards and Contactless EMV cards.
Merchant & POS
Cash on delivery means paying for an online order at the moment of delivery, usually in cash, though some e-commerce sites also accept card payment at the door. It boosts sales and builds trust, but carries risks like missing POS terminals and refused deliveries.