How long is a MasterCard authorization good for?
1-90 days
How long a credit card authorization lasts: An authorization lasts 1-90 days. It will stay until the merchant clears it or it “falls off” your account. When a merchant clears the authorization, it means they’ve completely processed the transaction and received payment.
What is MasterCard single message system?
Mastercard offers merchants two ways to process payment card transactions. With the single message system, authorization, clearing, and settlement occur in a single message. The single message system is most commonly used for transactions with a PIN confirmation, such as card-present and ATM transactions.
What is POS entry mode?
The Point of Service Entry Mode (DE 22) consists of numeric codes to indicate the method by which the PAN was entered into the interchange system and to indicate the PIN entry capabilities of the terminal device. Attribute : n-3. Example Value : 011 That means “PAN manual entry + Terminal has PIN entry capability”.
What are terminal transactions?
Terminal Transaction means a cash withdrawal, funds transfer or other transaction that is initiated at a Terminal through the use of a Card and that is routed through a Network.
What is a clearing message?
clear message: 1. A message that (a) is sent in the forward direction and the backward direction, (b) contains a circuit-released signal or circuit-released acknowledgment signal, and (c) usually contains an indication of whether the message is in the forward or the backward direction.
What does acquirer mean in banking?
The acquirer, also known as the acquiring or merchant bank, is the financial institution that maintains a merchant’s account in order to accept credit cards. The acquirer settles card transactions for a merchant into their account.
What is POS condition code?
Indicates transaction conditions at the point of sale or service.
How does a payment terminal work?
The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information. They are often connected to point of sale systems so that payment amounts and confirmation of payment can be transferred automatically to the merchants retail management system.
What is a payment terminal service provider?
CitiServe – A Payment Terminal Service Provider (PTSP) CitiServe Limited is licensed by the Central Bank to provide Payment Terminal Services to Nigerian Banks. The CBN policy allows CitiServe to identify merchant opportunities and market potential merchants on behalf of acquirers.