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Credit Card
Due to how payment systems work, authorization is obtained for a transaction first. For a Not Onus transaction (different card and POS banks), the system waits for it to arrive via the clearing incoming file. If it does not arrive within about a week, the transaction expires.
Merchant & POS
No slip printed after a POS transaction? Here's how to check whether the transaction actually went through and what steps to take if the receipt never came out.
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?
Online & Authorization
In payment systems, the term transaction refers to the operations performed. Each transaction has its own distinct characteristics. For example, a Sale made from a POS differs from a Sale Cancellation or a Cash Withdrawal made from an ATM.
Credit Card
Yes. A credit card cancellation request cannot be refused on the grounds that there is an outstanding balance on the card, and no annual membership fee can be charged during the repayment period of a card cancelled this way.
Laws & Regulations
Law No. 6502 on Consumer Protection aims to protect consumers' health, safety and economic interests, compensate their losses and inform them. It covers all consumer transactions and practices aimed at consumers.
Payment Systems
The MasterCard and Visa Chargeback Reason Codes Requiring a Written Merchant Rebuttal are listed below. Visa: Supporting documentation (sales drafts, contracts, proof of delivery) always strengthens the case. Codes include 30, 41, 53, 57, 75, 80, 85, 86 for Visa and 4831-4863 for MasterCard.
Payment Systems
Here are the Mastercard and Visa chargeback reason codes that require a cardholder letter and/or supporting documentation, with their descriptions.
Chargeback
The MasterCard and Visa chargeback reason codes that always, sometimes or never require a draft retrieval before a chargeback, with their descriptions. Includes Visa codes such as 60, 75, 79 and 81 and MasterCard codes 4801 and 4802.
Payment Systems
The Draft Retrieval Not Required Before Chargeback codes defined for Visa and Mastercard are listed below, so you can see which disputes can go straight to chargeback.
Payment Systems
Chargeback reason codes differ by card scheme. Here is the list of Discover chargeback reason codes and their descriptions, along with how merchants can use them.
Merchant & POS
In e-commerce transactions, the system developed to increase transaction security for payments made with credit and debit cards is called 3D Secure. When paying with 3D Secure, a special payment screen provided by the banks appears on the user's screen.