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Credit Card
When I think back to the Akbil I used when I first arrived in Istanbul, I think it's fair to say that Istanbulkart has undergone a very significant transformation. Users can now track activity, top up and view balances right from their phones.
Merchant & POS
An operation that allows a credit card's limit to be blocked for a period, due to the nature of the product or service sold. Preferred mainly by companies in travel, tourism, and car rental.
Merchant & POS
A reader asks whether a payment request taken at a customer's request should be sent as an e-commerce transaction, and what really separates Mail Order from E-commerce authorization.
Merchant & POS
A reader asked whether installment mail order transactions are still possible, and whether a card limit equal only to the installment amount is enough. This article shares the answer.
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 (Mail Order/Telephone Order) is a transaction made by selecting the Mail Order option on a POS or through the virtual POS interface, entering the card number, expiration date, and CVV2. It is typically used when the cardholder is not present.
Merchant & POS
Whether a card is required for a pre-authorization transaction depends on the type of POS used. On a physical POS, the card must be swiped or inserted to start the transaction. On a virtual POS, entering the card details manually is enough.
Credit Card
Cases where authorization approval is declined have always puzzled cardholders. Whenever the response code requires contacting the issuing bank (usually for declined transactions), the date, amount, and response code of the failed transaction become very important.
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.
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
Pre-authorization closing turns a pre-authorized transaction into a financial one, posting it to the merchant and cardholder accounts. See how amounts and available limit are affected.
Credit Card
Pre-authorization reduces the merchant's risk by blocking part of the card's limit for a set period. Since a credit card has a defined limit, an amount can be blocked against it. ATM cards and prepaid debit cards have no such limit to block.