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Chargeback
A chargeback is when cardholders dispute a transaction made without their knowledge through their card-issuing bank. So what does a Retrieval Request mean? It is essentially a document request related to transactions a cardholder does not recognize on their statement.
Chargeback
A soft chargeback, also called a retrieval request, is a request for documents about a transaction the cardholder does not recognize. Learn why customers request them, what information merchants should provide, and why a fast response matters.
Credit Card
The credit card minimum payment amount lets customers who cannot pay their full debt keep using their cards. In June 2019 the BRSA set the minimum payment at 30 percent for all limits, and kept 40 percent for cards issued within the past year.
Credit Card
The PIN Try Counter is a value stored on the card's chip showing the number of remaining offline PIN attempts. Each incorrect offline PIN entry decreases it by 1, and it resets when the correct PIN is entered.
Merchant & POS
CAVV and AAV are verification codes used in 3D Secure transactions to ensure transaction integrity and security. CAVV is used by Visa, while AAV is used by Mastercard.
Merchant & POS
Open authorization covers the period between authorization, POS batch close, the bank's end-of-day process, and clearing. Learn which steps allow cancellation versus refund, and what a cardholder should do.
Merchant & POS
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.
Merchant & POS
The MCC code, or Merchant Category Code, is a 4-digit code used to classify merchants. Some MCC codes are restricted or prohibited, and POS terminals or card transactions may be blocked when such a code is used.
Online & Authorization
When a card transaction is made abroad, banks usually calculate the cost from a percentage commission, a fixed commission, and an exchange rate margin. The flow starts when the customer requests a cash withdrawal at a foreign ATM.
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.
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.
Credit Card
The Chargeback Document Management System (CDYS) is a system developed by BKM to resolve customer disputes over card payment transactions among BKM members, covering Copy Request, Chargeback, Representment, and related processes.