Novus Credit Card Processing Transaction Documentation Requirements

Novus credit card processing transaction documentation submitted by a merchant account provider or a retailer in response to a dispute notice must be compliant with the requirements stated below, as well as with the concrete requirements for each reason code.

All of the following data must be available:

• The card number (either the entire 16-digit card number or a truncated one where required by law).
• Quantity and a short description of the products or service bought, except for sales receipts which are not required to include this information.
• Total transaction amount, including sales tax, tip, etc.
• Transaction date.
• Authorization code.

Wherever Novus credit card processing transaction documentation is not required to include the quantity and a short description of the products or service bought, you could be required to provide documentation with this information to your acquirer in connection to a dispute.

In addition to the requirements listed above, sales receipts for swiped card transactions, including sales at self-service terminals but excluding ones at cardholder activated terminals (CATs) or in no-signature required sales, must feature the customer's authentic, legible signature that is identical with the signature on the back of the card used in the transaction.

Contactless Novus credit card processing sales and biometric transactions are considered swiped payments, provided that the latter are not subject to a chargeback to a processor or merchant because the authorization request did not provide CVV data.

In addition to the above requirements, documentation for key-entered transactions needs to include an imprint of the card.

For non-face-to-face transactions, the following information must be included:

• A note that the security code was included in the authorization request.
• A note that an address verification request was completed.
• A note that the processor or retailer obtained a proof of delivery from the courier service that shipped the products as instructed by the customer.

No-signature-required types of card transactions conducted by Novus credit card processing retailers, will not be subject to a dispute for failure to get the customer's signature on the sales Receipt if (a) the magnetic stripe data are transmitted to the acquirer with the authorization request, and (b) the sale's amount is $25.00 or lower.

In response to a ticket retrieval request for some types of payment transactions (for example sales conducted at CATs and Self-Service Terminals), the processor or retailer may provide a substitute transaction documentation that must contain all of the data listed above.

(Read more.)

American Credit Card Processing Quick Payment Service

Quick Payment Service (QPS) is an American credit card processing program offered by MasterCard for facilitating card acceptance in industries that were traditionally cash-based and speed is critical to the sale. Merchant banks take advantage from QPS by offering retailers faster checkout while still supporting card acceptance. QPS transactions are facilitated in a face-to-face setting in which account data are read electronically from the card.

Eligible American credit card processing account users vary by region, but include the following industries:

• Transportation - Commuter, Passenger, including Ferries and Bus Lines.
• Veterinary Services.
• Agricultural Cooperatives.
• Horticultural and Landscaping Services.
• General Contractors.
• Air Conditioning, Heating, and Plumbing Contractors.

Chargeback Protection

The chargeback protection amounts have been set out individually for each industry segment in the QPS program. Those equal to or lower than these amounts can be accepted as QPS transactions through the exceptions provided by the program. Payments above these amounts are facilitated like all other card transactions (in other words, the cardholder signature must be provided and a sales receipt must be printed out).

An adequately identified QPS payment equal to or lower than the applicable chargeback protection amount is insulated against chargebacks under these reason codes:

• 4801 - Requested Transaction Data Not Received.
• 4802 - Requested / Required Item Illegible or Missing.
• 4837 - No Cardholder Authorization.

The chargeback protection amounts for the QPS service are set in the local currency for most countries.

American Credit Card Processing QPS Requirements

• Authorization approval is required of all card-read payments.
• Merchant account users may elect not to get the customer's signature for adequately identified QPS payments. The personal identification number (PIN) requirements still apply.
• Providing a sales receipt to the customer is optional for QPS transactions, however retailers must provide one upon the customer's request.
• All POS systems must support electronic data capture.
• All American credit card processing providers that elect to participate in the QPS program must operate compliant terminals. The minimal QPS program terminal requirements are as listed below:
  • Mag-stripe-read capabilities.
  • Mod 10 check digit, validating the account number, and expiration date.
  • Automatic online routing for payments.
  • Display of authorization code.
  • Printing of receipts.
• QPS registration is not needed.
• The QPS service does not affect interchange fees and rates.

There is no downside in signing up for the QPS service and if you operate in one of the supported industries, you should contact your processor for details.

(Learn more here.)

Store Card

Store card is a payment card associated with a particular retailer or group of retail stores that can be used only for purchases from that retailer or group of stores.

Self-Service Terminal

Self-service terminal is a customer activated terminal, especially one including the functions both of delivering and paying for goods (for example, in an automatic fuel vending system).

Retail Sale Transaction

Retail sale transaction is the purchase of goods, services, or both, generally at a merchant establishment.

Retail Banking

Retail Banking is the part of a bank's operations providing services at its branches for small or individual account holders.

Refund

Refund is the opposite of a purchase transaction, namely, the cardholder returns goods to the merchant and is credited for their value. Positive interchange and merchant service charge are reversed.

Recurring Payments

Recurring payments are payments by an issuer to an acquirer on behalf of a cardholder who authorizes a merchant to bill the cardholder's account on a recurring basis (such as monthly or quarterly). The amount of each payment may be the same or may fluctuate.

Quick Payment Service (QPS)

Quick Payment Service (QPS) is a MasterCard program targeting cash and convenience-oriented merchant segments, for example, fast food chains, movie theaters, and parking lots.

Purchase

In the credit card industry, purchase is a financial transaction, if approved, in which funds are debited from an issuer and credited to an acquirer in payment for goods or services.