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Credit Card
Payment systems are changing fast, and new players are emerging. The Advantage Card, the first installment credit card in Turkey and Europe, did not come from a bank, which holds lessons for today's fintech entrepreneurs.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Fraud
Contactless transactions have grown rapidly, but can a payment really be made from your wallet without your knowledge? Here is what the actual risks and safeguards look like.
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…
Chargeback
A chargeback is the process of requesting that an amount paid by credit card be refunded, either because the goods or services paid for were not received, or because a transaction is identified as one the cardholder did not carry out.
ATM
Cash overage and cash shortage are terms used in any system that operates with a cash account. A cash overage means more money is physically present than the ledger indicates; a cash shortage means less. In payment systems, these terms are most often used for ATMs.
Merchant & POS
Yes, it is mandatory. This requirement was introduced to prevent fraud. To fulfill their obligations regarding identification of foreign customers, banks must make one of several arrangements on receipts, such as bilingual descriptions or an explicit foreign card warning.
Chargeback
A no-show fee is the one-night/one-day charge collected by merchants for hotel reservations and car rental bookings that were made but not used, and not canceled when they should have been. It means an unused and uncanceled reservation.
Merchant & POS
A virtual POS is a payment platform that enables online payments by credit or debit card. Banks also give merchants interfaces for mail order, pre-authorization, cancellations and refunds.
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.
Online & Authorization
Online transactions grow every day in both number and volume, and so does the risk of fraud. Here are practical steps cardholders can take to shop online more safely.
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).