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Merchant & POS
Transactions made via POS are kept under a number called the batch number, which increases automatically and arithmetically. This number increases after each end-of-day (batch close) process.
Merchant & POS
It doesn't happen often, but it can occur. This usually happens when the batch (end of day) process isn't run every day and is instead triggered from the bank's system, causing POS transactions to be posted to the merchant account twice.
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
For a transaction to go through clearing, the card-issuing bank and the merchant bank must be different. If they are the same, the transaction is not subject to clearing and is processed directly by the bank.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
Credit Card
As credit cards become more and more a part of our lives, we now make almost all our purchases without cash. We inserted our card into the merchant's POS. We made a 100 TRY sale transaction. We received a receipt confirming it was successful.
Merchant & POS
Early Hold Release is a solution that allows merchants operating under a holdback arrangement to access their turnover held in the hold account when they need cash, before the holdback period ends. Merchants can work with banks under 3 different terms.
Merchant & POS
When a transaction is made through a POS, it is recorded both on the POS itself and in the acquiring bank's authorization system. At batch close, the POS sends all its transactions to the bank, which reconciles them against its own records.
Payment Systems
As FAST usage keeps growing, new CBRT regulations are accelerating it further. Payment and e-money institutions will join FAST directly in 2023, and FAST Merchant Payments using the TR-QR Code will go live in the first quarter of 2023.
Merchant & POS
A POS batch close triggers reconciliation between the transactions under that batch number and the bank's records, and starts the transfer to the merchant's account.
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.
Merchant & POS
A step-by-step walkthrough of a 100 TL POS sale: end-of-day batch close, clearing through BKM, interchange and merchant commission, and why the merchant gets paid even if the cardholder never pays the card bank.