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Laws & Regulations
The Visa Core Rules and Visa Product and Service Rules documents define the fundamental rules that apply to all institutions in the Visa network. They are updated regularly, and all members are expected to follow the latest version.
Clearing
Clearing: the transmission of transfer orders sent to the system, mediating their mutual delivery, obtaining authorization prior to settlement in some systems, and netting payment orders.
Credit Card
Mir means World and Peace. It is a national payment system established by a law adopted by the Central Bank of Russia on 1 May 2017. It is currently accepted mostly by Russia-based companies, but acceptance is gradually spreading.
Chargeback
Chargeback reason codes vary by card scheme. The Amex chargeback reason codes and their descriptions are listed below: American Express Chargeback Reason Codes A01 The charge you submitted did not receive a valid authorization approval code for the amount...
Merchant & POS
Mail order transactions are preferred by cardholders because they only block the card limit by the installment amount, creating a sales opportunity for merchants. But is the remaining balance guaranteed?
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.
Debit Card
When we think of online shopping, we usually picture paying with a credit card. But can customers without a credit card, only an ATM card, shop online? Of course they can — you don't need a credit card to enjoy the convenience of e-commerce.
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?
Merchant & POS
Credit card transactions made via POS sometimes need to be reversed. These are called a cancellation (void) or a refund. What's the difference, and when does each apply?
ATM
Escrow acts as a kind of insurance policy in ATM transactions. A third party ensures that the terms of an agreement are met and that money (or other assets) changes hands only once those terms are fulfilled.
Merchant & POS
The Merchant Registry System is the system at BKM that holds information on merchants accepting electronic payments, set up to simplify TR QR Code payment processes and prevent fraud and misuse in payments.
Laws & Regulations
Law No. 6502 on Consumer Protection aims to protect consumers' health, safety and economic interests, compensate their losses and inform them. It covers all consumer transactions and practices aimed at consumers.