Merchant & POS
What Is a Batch Number?
The batch number is kept on the POS, incremented by 1 at each end of day, used to transfer transactions to the merchant account and for reconciliation. It's tracked on both the POS and the bank's system.
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"POS systems"
167 articles found
Merchant & POS
What Is a Floor Limit?
The floor limit is the value held on the POS that determines the maximum amount for which an offline transaction can be approved. It is managed per terminal and can be updated at any time through the POS parameter management system.
Merchant & POS
What Happens Behind the Scenes When a QR Code Is Scanned? | Closed-Loop Payments #2
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?
Merchant & POS
How do transactions made via POS get transferred to the merchant account?
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.
Payment Systems
What Are Closed-Loop Payment Systems? The Hidden Side of the Payments World | Closed-Loop Payments #1
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...
Merchant & POS
What Is an Offline Transaction?
When a chip card transaction is made at a POS, it may be approved by the card and the POS alone, without reaching any system (issuer or acquirer). When do the issuer and acquirer find out about it?
Merchant & POS
What Kind of Insights Can We Draw from Province-Level Merchant, POS, and ATM Counts?
All banks report the POS and merchant data they allocate to customers to BKM's MIV and MPV systems, which BKM then reports. These notifications include merchant and POS location details such as address, province, and district.
Payment Systems
What are 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.
Cryptocurrency
What Are the Terms Used in the Cryptocurrency World?
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Merchant & POS
How is Floor Limit Managed on POS?
The limit that governs the maximum amount for which an offline transaction can be made on a POS terminal is called the Floor Limit. POS parameter management programs (usually GMS) maintain 3 parameters for floor limit management.
Credit Card
Can a card be made from wood?
While the use of physical cards and POS terminals is gradually declining, positive developments continue, such as the world's first wooden card, TreeCard, backed by the search engine Ecosia and aimed at reforesting the world.
Merchant & POS
Can I run another batch close on a POS the same day after already closing it?
A POS batch close triggers reconciliation between the transactions under that batch number and the bank's records, and starts the transfer to the merchant's account.