Credit Card
Differences Between a Credit Card and a Debit Card
Although debit cards and credit cards look similar in appearance, there are fundamental differences between them, from cash advances to installments and security.
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Payment Systems
Are Permissions on Physical POS Devices Kept Only on the POS and the Host?
No. Besides the POS and the host, permissions can also be kept in the issuer data. This lets banks, for example, allow installments only for a brand's BINs, or allow mail order for credit cards but not debit cards.
Merchant & POS
What Is a POS (Point of Sale)?
Virtual or electronic authorization devices connected to a bank, used by merchants to accept card payments. The term comes from the English phrase Point of Sale. Covers POS types by communication method, their advantages, who can use one, and the transactions a POS can perform.
Payment Systems
What is Strong Customer Authentication (SCA)?
Strong Customer Authentication (SCA) is a security requirement introduced under the EU's Payment Services Directive 2 (PSD2) to increase security and reduce fraud in online payment transactions. SCA requires two of three independent authentication factors.
Credit Card
What Is a CNP (Card Not Present) Transaction?
CNP refers to a transaction made through a website or a company's own app payment page, where the card is not read by any device and its details are entered manually. It is short for Card Not Present.
Fraud
What is Fraud? What are the Types of Fraud?
With the growth of credit and debit card usage and rising e-commerce transaction volumes, there has been a serious increase in exploiting user negligence to harm customers. Fraud means using someone else's card at a merchant or ATM to gain unjust profit.
Payment Systems
What Is TCR (Transaction Record Component)?
TCR stands for Transaction Record Component, the packets that carry transaction information in a clearing system. Transaction types in a clearing file are distinguished by transaction code and usage code values, and this data is sent inside TCR packets.
Merchant & POS
Key Points to Watch for in Recurring Payments
Winning customers is one of the most important things in business, but keeping them satisfied matters just as much. If you collect payments at regular intervals, such as monthly, these tips will help you improve the success rate of recurring collections.
Merchant & POS
What are Loyalty Points?
Loyalty points are promotional rewards banks give customers for credit card transactions, tracked on a card/customer basis. Banks charge merchants a commission on POS transactions, and some share part of that commission with cardholders as points.
Chargeback
What Is Compliance (Regulatory Compliance)?
Compliance means adherence to card scheme rules. Outside chargebacks, it is how a bank that loses money because card payment organization rules were broken recovers that amount from the party that caused the loss.
Merchant & POS
What Are the Benefits of a Virtual POS for Merchants?
A virtual POS is a payment platform that enables online payments by credit or debit card. Banks also give merchants interfaces for mail order, pre-authorization, cancellations and refunds.
Merchant & POS
What Is an MCC (Merchant Category Code)?
MCC stands for Merchant Category Code: a 4-digit code used to classify merchants by business type. Codes differ slightly between Mastercard, Visa, and BKM.