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Every single person reading this post has had a frustrating experience where their card was wrongfully declined, or an even bigger problem of having to cancel a card after a fraudulent purchase slipped through the cracks. While swiping or typing your card to complete a transaction may seem simple and instantaneous, a much more complex process is taking place behind the scenes. Data is quickly passed through a multitude of players who have milliseconds to decide whether or not to authorize a payment and frequently,  information is muddied in the process. For example, 1324144545DOORDASH*TAQUERIA becomes 1324144545DOORDASH*TAQ. Messy strings of text like these can cost card issuers upward of $60B. If you’re asking yourself how and why, then look no further than our latest blog to help demystify this complex process, and dive into how Spade’s real-time merchant intelligence can help solve this problem unlocking improvements like:  👊Fraud detection & prevention 🔒Authorization locking 💪Efficient dispute resolution 💸Rewards attribution  📊Cardholder spend insights  & more. To learn more, check out Spade 101: What Is Real-Time Merchant Intelligence and Why Does It Matter? at the link below:  blog.spade.com/spade-101/

Delve into our newest blog post to learn about the complexities of card payments and how our real-time merchant intelligence solution is enhancing transaction data to provide much needed value to financial institutions and consumers!

Are you staring at your payment results and an increasing pool of "Do Not Honor" responses? Best practise suggests that you treat Do Not Honor the same as your most common non NSF code but there are other things you can do. If it's a Mastercard, obviously check the MAC as well. If it's a Do Not Retry then you can assume lifecycle or a security/fraud event and a deeper look in to their account is needed. If it's Retry Later, follow the time provided. It may have been a temporary block or Mastercard's systems think there's another reason it will approve in future. Look at the history of the cards. Have they previously approved and now started declining? Does it centre around one or few BINs? Has your mix of response codes started to change? Have your billing schedules changed? Have you implemented new MIDs or acquirers? Finally, if you're a big enough merchant, you can use professional services available from the schemes to understand how their systems are grading the transaction - the issuers use this to assist in transaction processing.

In the intricate world of payment processing, Bank Identification Numbers (BINs) play a pivotal role, yet their significance often goes unnoticed. These numerical sequences do much more than facilitate transactions; they are the foundational elements that ensure security and efficiency in the financial ecosystem. Our latest blog post delves into the fascinating world of BINs, unraveling how they function as the backbone of payment processing. From fraud prevention to enhancing customer experience, discover the multifaceted ways in which BINs impact both businesses and consumers. Whether you're a seasoned finance professional or simply curious about the mechanisms behind your credit card transactions, this piece offers valuable insights into the unsung hero of the digital payment landscape. Dive into the full article to explore the critical role of Bank Identification Numbers and why they are indispensable in today's fast-paced commerce environment. #PaymentProcessing #Finance #DigitalEconomy #BINs #CreditCards 🔗 https://lnkd.in/dcvNBxzh

Structure of a Payment Card - A payment card typically includes essential components such as the cardholder's name, card number, expiration date, and a security code (CVV/CVC) on the back. It also often bears the logo of the issuing bank or financial institution. The two categories of data types found on payment cards - The "long number" for the card, typically 15 or 16 digits in length, known as the Primary Account Number (PAN). - The Sensitive Authentication Data (SAD), which includes security features like the Card Verification Value (CVV/CVC) used for authentication during card-not-present transactions. Front of Payment Card Breakdown - The front of a payment card typically contains Category 1 datasets, including: - Primary Account Number (PAN), which identifies the card issuer's industry and the specific institution. - Major Identifier No. (MII), indicating the category or type of institution that issued the card. - Issuer Identification No. (IIN), providing additional information such as the card brand, type, level, and issuer's location. - Account No. associated with the payment card, representing the unique bank account number. - Checksum, mathematically determined for validation using the Luhn algorithm. Explanation of MII and IIN - The Major Industry Identifier (MII) digit value corresponds to the issuer category, while the Issuer Identification Number (IIN) uniquely identifies the issuing institution within that category. - For example, a credit card number starting with "5" (MII Digit Value) signifies banking and financial cards, while the following six digits represent the Issuer Identification Number assigned to a specific institution. Explanation of the last digits - The last digits of a credit card number typically include the account number and a checksum digit, which ensures the accuracy of the entire number using the Luhn algorithm. Understanding the intricacies of payment cards goes beyond simply swiping or entering numbers. Each digit and component plays a crucial role in ensuring security, facilitating transactions, and providing insights into financial institutions and accounts. The next time you handle your payment card, remember, it's more than just a piece of plastic—it's a sophisticated tool with a story to tell. #PaymentCards #FinancialSecurity #Banki

New use cases and solutions are making real time the default expectation for consumers and businesses. Hear from three industry experts at the forefront of real-time payments as they discuss how far the real-time payments phenomenon has come, and where it is going. https://fisv.co/44d9CwU

Attention, merchants 📢 Are you fully aware of the additional charges that can impact the total cost of accepting card payments? Here's what you need to know: ▪️ PCI compliance fees. Yearly charges for adhering to the Payment Card Industry Data Security Standard (PCI DSS). ▪️ Monthly service fees. Fixed charges for account maintenance and customer support. ▪️ Terminal rental fees. Monthly fees for renting credit card terminals for in-person transactions. ▪️ Gateway fees. Charges associated with using a payment gateway for online transactions, may be billed monthly or per transaction. ▪️ Chargeback fees. Fees incurred when dealing with disputed transactions resulting in chargebacks. ▪️ Early termination fees. Potential costs for terminating a contract with a payment processor ahead of the agreed-upon period. Keep in mind that this list may vary depending on your payment partner and processing setup. By being aware of these fees upfront, you can better budget for your payment processing expenses and avoid any surprises down the road. #paymentprocessing #payments

In this Digital Transactions list of the 10 most pressing issues in e-#payments, I said that #instantpayments networks--#fednow and #rtp--need to have as many participants as possible to reach ubiquity. Participation will increase as new use cases are rolled out and as banks come to grips with risks associated with adoption. This morning, I gave a "tech talk" to the Independent Banks of South Carolina on the second piece of the puzzle: key technology-related risks #communitybanks need to consider when implementing instant payments. I proposed a simple framework for classifying risks: 1. Risks associated with things going right, including reconciling transactions and managing liquidity; 2. Risks associated with things going wrong, including mitigating fraud and handling exceptions; and 3. Risks associated with ongoing operations, including monitoring performance and uptime, ensuring business continuity and resilience, and managing third-party vendor risk. Fortunately, there are a variety of tools and best practices that can help manage all of these risks. With a healthy dose of strategic planning, community banks are well-positioned to realize the benefits of providing instant payment solutions to their customers.

What exactly does a credit card token do and why is it a great tool to not only reduce security risks and fraud but also make sure that recurring payments are not interrupted by card updates (and thus increase churn rates)? Find out more in our newest blog article: https://hubs.li/Q029RhV20 #Churn #Tokenization #CreditCards #Payments #BillwerkPlus

This article delves into the nuances of Mastercard’s MATCH list, a crucial tool for financial institutions, detailing its role in identifying and mitigating risks associated with merchant accounts to ensure secure and compliant transaction practices. #Mastercard #MastercardFoundation https://lnkd.in/gguCUtfk