BYTES
The Payments Ecosystem is a complex mechanism with many moving parts. Merchants, Issuers, Acquirers, ISOs, PayFacs, all view the process through a different lens. Complicated? Yes. Bytes will break down all the most important topics into easily digestible pieces.
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Payment Processing
Ever wonder what happens when your customer taps their credit card on your Point of Sale Terminal? The funds don’t magically transfer from one bank account to another. That single tap of a card spiders its way back-and-forth through an ecosystem of Financial Institutions and technology.
- Why is getting underwritten a big deal?
- Are you wasting money on dispute mitigation fees?
- There's gold in authorization response codes
- Merchants need to watch affiliates and distributors
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Decline Codes
Every time a customer taps their card or pays on your website, that transaction is either approved or declined. For every declined transaction, there is a 2-digit alpha numeric code that tells the Merchant why a card was declined.
- Why is getting underwritten a big deal?
- Are you wasting money on dispute mitigation fees?
- There's gold in authorization response codes
- Merchants need to watch affiliates and distributors
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Leakage
There is never an occasion when leakage is good.
And in Payments, it’s a massive problem that goes unresolved.
What do we mean by leakage? Merchants pay out of pocket to enroll into a handful of mitigation services. These services are necessary for managing disputes and chargebacks, and ultimately, for keeping within compliance.
- Why is getting underwritten a big deal?
- Are you wasting money on dispute mitigation fees?
- There's gold in authorization response codes
- Merchants need to watch affiliates and distributors
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Authorization rates
What’s in a code? Apparently, quite a lot! When you, as a merchant, attempt to process a consumer’s credit card, the issuing bank of that consumer’s credit card needs to make a decision regarding that specific request. The issuing bank ultimately makes their determination based upon a wide range of screens, heuristics, analytics and “AI” to determine the outcome of the transaction.
- Why is getting underwritten a big deal?
- Are you wasting money on dispute mitigation fees?
- There's gold in authorization response codes
- Merchants need to watch affiliates and distributors