If you often use credit cards, it is likely you understand how important Credit Card Codes is. You set them up in Accounts Receivables and Sales to easily track credit card purchases based on every kind of card that you accept and to monitor credit card sales per period in your financial calendar. The idea is simple: When you apply for credit, the company checks the credit card code before authorization. This allows them to know how much they can advance you without risk, while at the same time keeping your financial transactions accurate so they can offer you more credit options in the future.
To help your business with their billing needs, credit card companies have standardized the way they enter and track credit card codes. All major credit card issuers use 'declined' or 'in process' credit card codes for collection. In short, this means they can't proceed with a transaction unless they get the special condition or 'declined' code from you. For example, let's say you order an inexpensive item from an online merchant.
You complete the transaction without any problems. Then, when you come back to the website, you find the item is not the same as what you originally paid for. The problem? The store's site doesn't accept the specific credit card codes that you entered, so you are unable to process the transaction. The credit card issuer might then issue you a check for the difference and then charge you for the difference – again, this is the problem when it comes to credit cards, as they tend to be issued on a monthly basis.
What if instead of 'declined' or 'in process' credit card codes, you had 'hold' or 'expired' card codes? In this case, if the code you enter is declined, the site will let you know and you can either process the purchase or just cancel the sale. If you enter an expired hold code, however, the transaction won't go through. Again, if you use an expired hold code, you probably won't even get a refund. This is why it's important to make sure that you always enter the credit card codes in the correct manner – i.e., by entering them as they appear on the ATM machine, in your e-mail or in a browser, not when you see a $5 discount offer on a coffee cup at the grocery store!
Errors in credit card codes usually occur because of mistakes made in the database of the credit card processor, which is maintained by the bank or the retailer where the transaction was made. When a customer makes a purchase using one of the credit cards, the details are stored by the bank where the card is registered, so that when the customer makes another purchase the details are updated accordingly. However, since every purchase is unique, sometimes the details for a particular transaction can't be matched between the various systems, leading to an error code being entered into the system. For example, when you make a purchase at a Wal-Mart, the details of your purchase are entered into the system, but since Wal-Mart's system isn't compatible with all credit card processors, an error can be made in the entry. This error can then be sent back to the card processor, who will either accept or decline the transaction.
If the credit card codes entered into the payment terminal aren't compatible with the system used at the bank, or if the customer indicates that the system they are using isn't compatible, the transaction won't go through. If the transaction is declined, the problem may lie with either the customer's bank or the retailer's payment terminal, but the issuer (the bank) is legally obligated to investigate the problem and rectify it. In some situations, the error could be deemed legitimate because the merchant has failed to follow the terms of service agreement, while in other cases it may be due to fraud. The problem can either be solved by the merchant themselves or by the issuer (who may ask the merchant to prove the validity of the code).
However, many states have tried to curb this type of fraud by making it illegal for any online gambling establishments to use any kind of unauthorized credit card codes. In most states, this includes both state-run and private establishments such as casinos. This has made it much more difficult for gamblers to obtain access to and use unauthorized credit card codes. State-run casinos are not allowed to use credit card codes to process payments for their customers, while private establishments are only required to inform the customer about the risk of unauthorized use of credit card codes. Similarly, all casinos are required by law to screen their clients to ensure that they are not engaged in any activities that are considered to encourage gaming fraud. Private establishments are also not allowed to process credit cards for their customers without their knowledge or consent.
Gamblers using payment processing terminals that do not have the protection of these codes should exercise caution. They should immediately contact the retailer from whom they made use of the payment terminal or the issuer of the code to find out whether the use of these codes was illegal. If the retailer or the issuer does not respond promptly or does not provide adequate evidence that use of the codes was illegal, the customer should consider switching payment processors or contacting local law enforcement agencies. If a customer is caught using an unauthorized credit card, he/she may also be subject to legal action.
For many consumers, one of the most annoying features of a credit card is its lack of helpful information. It's very difficult to ask for help from a customer service representative. Many people have experienced long hours of non-stop support. In addition, the representatives do not respond as quickly as they should. As a ...
If you're in the market for a new mobile phone then you may want to check out the Amazon Synchrony Phone number finder. It's a free tool that was created to allow users of Amazon to easily locate their nearest and dearest by cell phone number. This can be extremely useful if you know ...