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Merchant & POS
After a merchant applies to a bank and the required checks on the company are completed, a POS is connected to the customer. Settlement can be commission-based, held for a period, or both, depending on the agreement.
Merchant & POS
It's important to first distinguish between magnetic-stripe and fallback transactions. A magnetic-stripe transaction skips the chip entirely, which lowers its security level compared to a fallback transaction.
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.
Merchant & POS
To accept a card brand such as Mastercard or Visa, a POS must be certified for that brand. Which brands a POS accepts is the bank's decision.
Merchant & POS
Payment systems once meant a physical card and a PIN on a POS device. Digitalization that began with contactless transactions has accelerated with mobile payments, and MasterCard is now working on voice shopping and Soft POS in Turkey.
HSM & Security
ZWK stands for Zone Working Key. It encrypts the PIN so that it can travel securely between different financial institutions, such as the acquiring bank and the issuing bank.
ISO 8583
F41 - CARD ACCEPTOR TERMINAL IDENTIFICATION: the terminal where a transaction took place. An 8-character alphanumeric value generated by the acquirer bank and assigned to the POS, managed as a unique terminal number at the acquirer.
Clearing
The YTH (Domestic Clearing and Settlement) System handles the clearing and settlement between two banks when a transaction is made at another bank's POS or ATM with a card from a different bank. Participants submit records to the YTH system, and...
HSM & Security
PEK is the abbreviation for Pin Encryption Key. The role of PEK is to encrypt PINs. There are two types of PEK: TPK (Terminal Pin Key) and ZWK (Zone Working Key).
Credit Card
The service code is information printed on a card's Track 1 and Track 2 data, covering card type, PIN usage, and domestic/international usage status. It is kept at the product level in bank systems.
Fraud
With the growth of credit and debit card usage and rising e-commerce transaction volumes, there has been a serious increase in exploiting user negligence to harm customers. Fraud means using someone else's card at a merchant or ATM to gain unjust profit.
Merchant & POS
In EMV-based debit card transactions, PIN verification is decisive for both security and liability. What happens when a card that only supports online PIN is sent to the issuer without a PIN, and the issuer approves it? Who owns the risk?