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Credit Card
Due to how payment systems work, authorization is obtained first for a transaction. For a Not Onus transaction (where the card-issuing bank and the POS bank are different), the system waits for the relevant transaction to arrive via the clearing incoming file…
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.
Credit Card
In credit card transactions made through a POS, receiving approval alone is not enough for the transaction to post to the card's statement period; settlement must also take place. The settlement period, known as the open-authorization waiting time, varies by transaction type.
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
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.
Merchant & POS
No slip printed after a POS transaction? Here's how to check whether the transaction actually went through and what steps to take if the receipt never came out.
Agentic Commerce
The next customer on the internet may not be human. If AI agents become part of purchasing decisions, the rules of e-commerce, marketing, and payment systems could change.
Clearing
The clearing system settles a transaction between two participants when a card from one bank is used at another bank's POS or ATM. Learn about the incoming and outgoing files used in interbank clearing.
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 Institutions & E-Money
The term 'Third Party Provider' refers to an authorized online service provider introduced under Open Banking. These are systems outside a customer's relationship with their bank that mediate the transaction. So how many types of third party provider are there? Two.
Merchant & POS
When a chip can't be read due to a chip fault or the card being inserted incorrectly, the transaction is completed by swiping the magnetic stripe on the right side of the POS. Can chipless cards do fallback?
Open Banking
The Open Banking Implementation Entity (OBIE) is a body set up by the UK's CMA to design and implement Open Banking, developing standards for APIs, security and the wider ecosystem together with other stakeholders.