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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?
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...
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.
Merchant & POS
CAT (Cardholder Activated Terminal) devices are typically unattended terminals that accept various payment cards. These terminals are frequently installed at railway ticket stations, gas stations, toll roads, parking lots, and other commercial locations.
Chargeback
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.
Credit Card
Card copying usually happens with magnetic stripe debit cards. As soon as you notice your card details have been copied, you can close the card, renew it or change its PIN.
ISO 8583
DE 12-TIME, LOCAL TRANSACTION: the local time at which the transaction took place at the point of transaction (ATM, POS). 6 digits, hhmmss format. F12 differs from F7 (Transmission Date and Time).
ISO 8583
F43 - CARD ACCEPTOR NAME AND LOCATION: the field that holds the name and location of the merchant/ATM where a card transaction took place. It is 40 characters long and alphanumeric.
Merchant & POS
For a transaction to go through clearing, the card-issuing bank and the merchant bank must be different. If they are the same, the transaction is not subject to clearing and is processed directly by the bank.
Agentic Commerce
Can AI Decide on Our Behalf? Letting an AI agent handle research can make life much easier. The real question is where that should stop, and how much decision-making authority we are ready to hand over.
Payment Systems
Every payment transaction completes in seconds, yet dozens of controls run behind the scenes. This post covers the precautions for authorization and clearing, the critical role of reversals, and the financial loss scenarios most often seen in the field.