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Payment Systems
The Hidden Side of the Payments World. The words a person working in the payment systems industry hears most over a career are probably Visa, Mastercard, POS, debit card, virtual POS, acquiring and card issuing. Frankly, my own career did not unfold very differently from that journey...
ATM
Cash overage and cash shortage are terms used in any system that operates with a cash account. A cash overage means more money is physically present than the ledger indicates; a cash shortage means less. In payment systems, these terms are most often used for ATMs.
Merchant & POS
The most important part of issuer data definitions is that they are built around your own bank's or institution's developments and application flows. Missing BINs can break installments, rewards and routing on POS devices.
Credit Card
If your card's chip won't read, the chip data is likely corrupted or the POS's chip reader is faulty. This is usually caused by magnetic interaction with another card's chip.
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.
Credit Card
For a person over 18 with the capacity to discern, getting or using a credit card can only be prevented if they are placed under legal restriction by a court decision. A court-appointed guardian can then ask banks to cancel their cards.
Credit Card
Nearly all transactions where credit and debit cards are used physically require a PIN. The PIN represents the cardholder's identity. Here is what happens if a customer enters the wrong PIN too many times and how the card is restored.
Chargeback
A soft chargeback, also called a retrieval request, is a request for documents about a transaction the cardholder does not recognize. Learn why customers request them, what information merchants should provide, and why a fast response matters.
Merchant & POS
Loading parameters onto a POS transfers BIN lists, key data, and refund/cancellation authorizations from the management system onto the terminal. Learn how and when it happens.
Credit Card
A business credit card is a credit card offered by banks to businesses so they can make company expenditures and track and manage those expenses.
Credit Card
A credit card number created based on a credit card, not physically printed, usable in all virtual purchases (mail order, e-commerce, etc.). It is generated instantly upon request, usable right away, created with a zero limit, and free of charge.
Closed-Loop Payments
Is Starbucks really selling coffee, or building an ecosystem? Prepaid balances, a loyalty program and customer data turn a coffee chain's payments into a closed-loop economy, a very different model from Istanbulkart.