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Merchant & POS
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.
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.
E-commerce
Amazon PayCode is a payment option that lets customers pay for Amazon orders in cash: after checkout they receive a code and pay at a participating Western Union agent location.
ATM
Jackpotting describes a method criminals use to steal money from ATMs. With physical access to the machine, they take control of it and make it dispense all of its cash.
Merchant & POS
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.
Merchant & POS
Financial institutions, cash register (OKC) manufacturers, and private integrators run this Ministry-authorized system under Communique No. 507 on the Tax Procedure Law, enabling mobile sales with electronic financial documents.
Debit Card
The use of prepaid cards, and the number of prepaid cards issued by e-money institutions, has risen sharply. This post looks at why, how to choose a card, and which fees prepaid cards charge.
Fraud
In payment systems, fraud means using someone else's credit or debit card to carry out a transaction at a merchant or ATM, gaining unfair profit and causing loss to the real cardholder, the merchant, or the bank. Fraudsters…
Merchant & POS
A surcharge is a fee, charge, or tax added to the cost of a good or service. In payment systems, it refers to adding the merchant's transaction commission to the cash sale amount on credit card transactions, resulting in a higher charge.
Credit Card
Today, as cash use steadily declines and credit card use keeps rising, using credit cards in line with one's income -so to speak, stretching your legs only as far as your blanket reaches- benefits both the cardholder and the country, as well as merchants.
Online & Authorization
Cardholder verification in EMV is specific to chip cards. One goal of EMV is to minimize card fraud. To do this, three parties must be verified: the bank, the cardholder, and the terminal. One of the data items taken from the card to prove identity is...
Payment Systems
BKM, short for Interbank Card Center, is a legal entity established in 1990 with contributions from 13 public and private Turkish banks to provide clearing and settlement for cards.