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The cardholders available credit limit is reduced by the authorized amount. Authorization Code-- A code that an issuer or its authorizing processor provides to indicate approval or denial for an authorization request.Authorization Date-- Date and time when the transaction was authorized.
Approval Response-- An authorization response that is received when a transaction is approved. Authentication-- The process of assuring that data has come from its claimed source, or a process of corroborating the claimed identity of a communicating party.
Authorization-- Every retailer has a purchase limit above which they must seek authorization from the card issuer before they can complete the sale.
Acquiring financial institution-- An acquiring financial institution is a bank that processes and settles a merchant's daily credit card transactions, and then in turn settles those transactions with the card issuer/association.
Merchants must maintain such an account to receive credit for credit card transactions.
Such authorization can be done by telephone or electronically at the cash till.
Authorization is used to control credit card fraud.
Affinity card-- A credit card offered in conjunction with two organizations, one a card issuer and the other a non-financial group with which consumers have an affinity.
Universities, sports franchises and non-profit organizations are examples of affinity groups that often offer special discounts or deals for using their credit cards issued in partnership with a major bank.
Daily card transaction totals are deposited in the merchant's account after settlement and discount fees are deducted.