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Merchant & POS
When a transaction is made through a POS, it is recorded both on the POS itself and in the acquiring bank's authorization system. At batch close, the POS sends all its transactions to the bank, which reconciles them against its own records.
Merchant & POS
Unattended POS is a type of POS that is not managed by merchant staff and is triggered by the customer in self-service services. Its use has increased further with the rise of mobile payments.
Merchant & POS
Transactions made via POS are kept under a number called the batch number, which increases automatically and arithmetically. This number increases after each end-of-day (batch close) process.
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.
ISO 8583
F41 - CARD ACCEPTOR TERMINAL IDENTIFICATION: the terminal where a transaction took place. An 8-character alphanumeric value generated by the acquirer bank and assigned to the POS, managed as a unique terminal number at the acquirer.
Payment Systems
Foreign Currency POS is the POS software that lets merchants process transactions in a foreign currency. Terminals without it can only collect payments in Turkish lira. It comes in two common forms: Multicurrency POS and DCC POS (Dynamic Currency Conversion).
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.
Payment Systems
The virtual POS merchant panel is where merchants manage documents, reports, notifications, transaction tracking, end-of-day, transactions and user permissions for their virtual POS.
Merchant & POS
Open authorization covers the period between authorization, POS batch close, the bank's end-of-day process, and clearing. Learn which steps allow cancellation versus refund, and what a cardholder should do.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Payment Systems
Let's talk about payment systems, which we have heard more about since the internet entered our lives, and the basic structures behind them. The first credit card in the world was used in America in the 1920s.