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Merchant & POS
Current information: This article describes the limit as of its publication date. For the current contactless (no-PIN) transaction limit, see the linked article. The introduction of contactless transactions brought new concepts and structures.
Merchant & POS
3D Secure is short for Three Domain Secure (Issuer Domain, the Interoperability Domain and the Acquirer Domain), used to increase security in online transactions. Known to cardholders as 3D Secure, these systems are given unique names by payment schemes (MasterCard, Visa, etc.).
ISO 8583
F37 - RETRIEVAL REFERENCE NUMBER: a 12-digit alphanumeric value generated by the Acquirer that initiates the transaction. It must be printed on the POS receipt or ATM slip. RRN is the reference number that allows a transaction to be located.
Payment Systems
Although many important terms are used in payment systems, the expressions below are its cornerstones — the ABCs of payment systems, so to speak. Issuer: the credit card company, usually a bank, that issues the card and tracks debt, credit, bonus points, and other services for the customer.
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.
Payment Systems
The rules in this guide relate to the processing of Transactions and Payment Transactions made with Mastercard-branded cards. Here are the key definitions and where to find the document.
Payment Systems
In POS applications and on the merchant side, we use the term Batch in a similar way to end of day. Every transaction made via POS is held under a batch number reported to the HOST at end of day.
Contactless
A TR Karekod transaction is a payment carried out using a QR code generated according to the procedures and principles in the regulation on the generation and use of the TR Karekod in payment services.
Merchant & POS
TR QR Code refers to QR code information created according to the regulation on generating and using the TR QR code in payment services, which can be used in payments under Law No. 6493.
Payment Systems
The term 'Buy Now, Pay Later' (BNPL) refers to deferring payment on a purchase to a later date. The product is delivered to the customer before any payment is made, and the customer pays afterward.
Merchant & POS
According to the Central Bank, the maximum commission rates banks may charge merchants are based on a reference rate: the latest two-week weighted average interest rate on 32–45 day Turkish lira deposits.
Payment Systems
The Internet of Things (IoT) is a concept first used by Kevin Ashton in a 1991 presentation. It refers to many electrical devices, such as watches, fridges and washing machines, communicating with each other.