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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.
Payment Systems
According to the Banks Association of Turkey, collusive transactions that misuse POS devices, debit cards, or credit cards for purposes other than their intended use are called fictitious transactions - in short, transactions used outside their intended purpose.
Merchant & POS
Winning customers is one of the most important things in business, but keeping them satisfied matters just as much. If you collect payments at regular intervals, such as monthly, these tips will help you improve the success rate of recurring collections.
Online & Authorization
Account-to-account (A2A) payments can be described as making a payment by transferring money from one bank account to another. Though similar to wire transfer/EFT, combining the transfer with the payment creates a seamless experience.
ISO 8583
F18-MERCHANT TYPE: This is the merchant's category code (MCC) information. It must contain values from the Mastercard or Visa MCC Code list. It is a 4-digit numeric value. For ATM transactions, MCC code 6011 should be sent. The role of MCC in authorization...
Security
In the Man in the Browser fraud method, the goal is not to steal the user's password but to place malware in the browser itself. A malicious browser extension can alter the amount and recipient of the user's transfers at will.
Security
These are passwords generated for one-time use and sent to the cardholder's phone to verify card transactions in payment systems. The password sent during a 3D Secure transaction is a common example.
ATM
Like any physical device, ATMs have certain limits. Logically, it may seem like you could withdraw as much money as the ATM's cash cassettes can physically hold (10s, 20s, 50s, 100s, etc.), but that is not actually the case.
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.
Online & Authorization
EMV stands for Europay, Mastercard and Visa. In 1994 these companies formed a working group to set chip-card standards, leading to the EMV standards used worldwide today.
Credit Card
Debit cards and prepaid cards are generally closed to mail order transactions. Mail order authorization is held on credit cards. Unless specifically requested at application, a card is issued closed to mail order transactions.
Payment Systems
Regularly reporting and tracking how many transactions fail at each merchant matters for both the merchant and the acquirer. BKM error codes tell us why POS transactions fail.