The most complete POS bank card receipt term explanation
Origin of POS receipt
1. Forgetting to bring a wallet has contributed to the birth of the acquiring business:
The acquiring business originated in the United States. At noon in 1949, in a restaurant in Manhattan, New York, Mr. McNamara was once again embarrassed by forgetting to bring his wallet, so he created a new idea and created a credit card company. A revolutionary era in the payment industry.
2. In 1950, the “Dalai Club†was founded (ie the predecessor of the Dalai Credit Card Company): The Dilai Club first persuaded a group of restaurants, hotels and other merchants to join, and based on this, developed members in the diners and residents; Members provide cards that can prove their identity and ability to pay. Members can use the card to record their expenses.
3. Formation of early acquiring business: After accepting these card transactions, the merchants will hand over the documents to Dalai Lama on a regular basis, and Dalai will deduct the corresponding handling fee to pay the funds to the merchants. This is the early “acquisition businessâ€.
3.1. “Single†is the bill signed by the customer. At the time, it was actually “debtâ€;
3.2. The initial production of the receipt is to facilitate the accompaniment of the diners;
3.3. To some extent, the receipt is earlier than the issuance of the card, because:
â–²The establishment of the Dalai Club also marks the birth of “Universal Credit Cardâ€;
▲In the beginning, the Diners Club only provided a list of members to the restaurant, namely the “right to the creditor†list, and there was no substantive card;
3.4. At that time, the merchant's handling fee was 7%;
â–²Although the rate is very high, but because of the guaranteed credit, it can bring more customers and transactions to the restaurant, the restaurant is willing to pay for it.
China POS acquiring market introduction
In 1985, China’s first credit card was born → the bank card industry began;
In 2002, China UnionPay Co., Ltd. was established → the bank card industry developed rapidly;
The first phase 1993.06--2003.05:
Mark: Bank card network is common, and each card issuing bank receives the order separately;
In June 1993, the “Gold Card Project Implementation†strengthened network construction, fostered POS professional service organizations, and produced UnionPay business POS services;
In May 2003, the People's Bank of China officially announced the full realization of the national bank card networking goals.
The second stage 2003.05--2008.07: commissioned a specialized service agency single receipt
Two modes:
â–²The issuing bank entrusts professional organizations to expand the merchants and carry out the maintenance and maintenance of the implements.
â–²Direct POS mode
The third stage 2008.07--this:
The professional service organization and the issuing bank jointly accept the order: the inter-connected POS mode. The POS terminal is connected to the contracted bank → data is transmitted to each card issuing bank headquarters → the issuing bank headquarters is connected to the UnionPay General Center → return to the commercial bank
POS bank card receipt term explanation
What is the acquiring business: the acquiring order refers to the acceptance of the debit card or credit card and other bank cards provided by the receiving terminal for the special merchants through the acceptance terminal, and completes the relevant fund settlement services, and the resulting Special merchants expand, accept terminal installation and maintenance management, transaction monitoring, risk management, transaction error handling, dispute ruling and other value-added services.
Issuing bank: It is the issuing bank of the bank card swiped.
Acquirer: The issuing bank that is the merchant's POS machine or the fund clearing bank that the pos machine trades.
Direct mode: Merchant → UnionPay Network → Card Issuer
Inter-connect mode: Merchant → Acquirer Network → UnionPay Network → Card Issuer
MCC code: Also known as the merchant category code. It is set up by the acquiring institution for the special merchants, which is used to indicate the trading environment of the UnionPay card, the main business scope of the merchants and the industry ownership, and the main basis for judging the settlement fee standards of domestic cross-bank trading merchants. It is also the analysis and report of the UnionPay card trading industry. One of the important basic data of the risk management and control of UnionPay card business. The bank card receipt management method stipulates that the merchant number is 15 digits: institution code (3 digits) + area code (4 digits) + merchant type (4 digits) + merchant order number (4 digits).
Special merchants: Commercial business institutions, government organizations, enterprises and institutions that accept the bank card business and accept bank card business for the cardholders to provide shopping and consumption services.
RMB card acquiring business: refers to the process in which the Bank of China, as a bank card acquiring bank, provides RMB fund advances, business training and risk prevention for domestic bank cards accepted by special merchants, and obtains funds from the card issuing institution for repayment.
Foreign card acquiring business: refers to the process in which the Bank of China, as a bank card acquiring bank, provides fund advances, business training and risk prevention for special merchants, and obtains funds from overseas card issuing banks through international card organizations.
Cardholder: The legal holder of the card, that is, the customer associated with the bank account corresponding to the card.
Issuing bank: An institution that issues bank cards, maintains accounts associated with the card, and has an agreement with the cardholder in these two areas.
Acquiring bank: refers to a bank that pays cash in an inter-bank transaction or signs a contract with a merchant to settle the interbank transaction funds and directly or indirectly transfer the transaction.
Acquiring agency: A clearing member unit that has an agreement with the merchant or provides services to the cardholder and participates in the exchange directly or indirectly with the transaction document (including electronic or paper documents).
Bank card clearing institution: refers to the enterprise legal person specializing in bank card clearing business. The bank card clearing institution clears the brand through the establishment of a unified bank card, improves the liquidation standard system and business rules, develops the card issuer and the acquirer as the network access institutions, realizes the issuance and wide acceptance of bank cards, and improves the transaction processing and fund clearing of bank cards. Efficiency plays a central role in the entire bank card industry.
The third-party institution that accepts the receipt: the third-party institution that accepts the receipt refers to the enterprise that has been approved by the administrative department for industrial and commercial administration, and is responsible for the acquisition of the non-focus business of the UnionPay card acquiring institution, and the independent planning and self-esteem. .
Key encryption key: The key used to encrypt the work key when the POS terminal works. It is set by the bank personnel and kept in the system hardware. It can only be used and cannot be read. The key must be encrypted with the encryption algorithm. In the chip.
Debit card: refers to a bank card that does not have an overdraft function after depositing (or withdrawing cash). According to its function, it can be divided into debit card (including savings card), special card and stored value card. A debit card is a credit instrument with functions such as transfer settlement, cash access, and shopping consumption. Debit cards cannot be overdrawn. The debit card has the functions of transfer, cash access and consumption.
Credit card: refers to a credit card issued by a bank and given to the cardholder a certain amount of credit, the cardholder can repay the loan within the credit line.
Quasi-credit card: refers to the bank issued, the cardholder deposits a certain amount of reserve funds as required, when the balance of the reserve account is insufficient to pay, the card can be overdrawn in the prescribed credit line.
POS (sales terminal): the sales terminal--POS (point ofsale) is a multi-function terminal, which is installed in the special merchant of the credit card and the receiving network and the computer to form a network, which can realize automatic transfer of electronic funds, which has Support consumption, pre-authorization, balance inquiry and transfer functions, which are safe, fast and reliable.
Mobile POS: Mobile POS machine, also called mobile point of sale, handheld POS machine, wireless POS machine, batch POS machine, mobile sales in various industries.
Mobile phone card reader: A mobile phone card reader, similar to an external card reader, is mainly a tool for reading magnetic stripe card information, and transmits data through a 3.5mm audio jack. The mobile phone card reader itself does not have the function of payment. It is necessary to have the software of the payment channel to cooperate with the function of payment and receipt.
POS clearing machine: Bank or third-party payment company directly settles to the bank card bound by the user. Clearly, it means "one-time liquidation."
POS 2 clearing machine: refers to the payment company or the bank first pays the settlement of the POS machine to an individual or a company that has not obtained the acquiring qualification, and then the company or individual is settled to the merchant.
T+0 POS machine: refers to all successful transactions on the POS machine. On the day of the silver, the POS machine settlement funds are transferred to the designated settlement account, and the special settlement processing service of the relevant service fees is charged. At present, the T+0 POS machines that are popular in the market are all paid by the payment company, and the funds are advanced on the same day, and a high processing fee will be charged accordingly.
T+1 POS machine: The POS machine transactions that occurred on the same day are extended to the next trading day for settlement. This settlement method is in line with the way of UnionPay's settlement of funds, and the security and stability are greatly guaranteed.
D+0 POS machine: means that as long as the transaction occurs, whether it is a trading day or a holiday,
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