Technocrat

In the modern day, card payments have become an integral part of our lives. However, they are not without their share of complexities, especially when a transaction goes awry leading to a dispute. Disputes in card payments are a critical aspect that involves multiple stages and entities, all working towards a resolution. In this blog post, we will take a comprehensive look at the dispute lifecycle, shedding light on the process from the moment a dispute arises to its resolution. Understanding the Genesis of Disputes: Imagine a day of retail therapy, where you find yourself swiping your card for multiple purchases. A few days later, you notice an unrecognized charge on your statement. Panic sets in, and you contact your bank to dispute the charge. This scenario sets the stage for a dispute lifecycle to commence. The Importance of Reason Codes: Every disputed transaction is associated with a 'Reason Code,' which serves as an indicator of the nature of the dispute. These codes cou...

In the digital age, buying a cup of coffee or a pair of shoes with a simple swipe or tap has become the norm. However, with this ease comes the responsibility of ensuring the safety of these transactions. This is where PCI Compliance steps in as our silent guardian. Let’s delve into what PCI Compliance is, why it’s crucial for payments, and the sphere surrounding it.  PCI Compliance: PCI stands for Payment Card Industry, which is a term commonly used to refer to the various protocols, standards, and activities that are aimed at ensuring the security of credit card transactions and data management. The term is most often associated with the Payment Card Industry Data Security Standard (PCI DSS), which is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. The PCI DSS is governed by the Payment Card Industry Security Standards Council (PCI SSC), which was created by major cre...

The swipe of a card has become a necessary component of our daily transactions in today's fast-paced world. Card payments are quick and easy, but they also cover a complex, well-organized procedure that makes sure your money gets where it needs to go on time and safely. But after you use your card at a merchant's location, what exactly happens? Let's piece together this financial puzzle one step at a time. Let's get to know the main players before we start the process: Merchant: The company or person that is providing you with the goods or services. Point of Sale (POS) Terminal: This machine starts the transaction by reading the card data. Acquirer: The bank that the merchant uses to process card transactions is the acquirer. Network: Organisations that transport transaction data, such as Visa or Mastercard. Issuer: The bank that issued your card is the issuer. Cardholder:  You are the one! The payment journey is started when you choose to make a purchase with your de...