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Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
Credit Card
The Chargeback Document Management System (CDYS) is a system developed by BKM to resolve customer disputes over card payment transactions among BKM members, covering Copy Request, Chargeback, Representment, and related processes.
Merchant & POS
A surcharge is a fee, charge, or tax added to the cost of a good or service. In payment systems, it refers to adding the merchant's transaction commission to the cash sale amount on credit card transactions, resulting in a higher charge.
Chargeback
A chargeback is when a cardholder asks the issuing bank to refund a transaction made without their knowledge. It cannot be prevented entirely, but simple precautions can minimize the risk. Here is how the process works and what cardholders should do.
Merchant & POS
Almost all of us carry at least one credit card. Imagine losing your wallet with all your cards inside, and someone with bad intentions finding it and using the cards without a PIN. Who bears the responsibility?
Security
Forgery in card payments means transactions made with card details without the cardholder's knowledge, or purchases with counterfeit or stolen cards. Merchants cannot eliminate fraud and chargeback risk, but they should aim to reduce it to reasonable levels.
Merchant & POS
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.
ISO 8583
F32 - ACQUIRING INSTITUTION IDENTIFICATION CODE: the 11-digit acquirer bank ID. The values it can take for domestic transactions and by card brand include Visa, MasterCard, UnionPay, Discover and JCB formats.
HSM & Security
ZPK, also known as the PIN Protection Key, is a data encryption key that is distributed automatically and used to encrypt PINs. It is also referred to as the 'Working Key'. This key allows PIN information to be carried securely across the network.
Payment Systems
Strong Customer Authentication (SCA) is a security requirement introduced under the EU's Payment Services Directive 2 (PSD2) to increase security and reduce fraud in online payment transactions. SCA requires two of three independent authentication factors.
Payment Systems
In payment systems, an “appeal” is the process of objecting to the outcome of a transaction dispute. It is usually discussed alongside chargebacks, but it plays a critical role in interbank dispute resolution, when a party asks the card scheme to re-evaluate a concluded decision.
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.