Credit Card Decline Reason Codes Explained

Credit Card Declined Reason Codes Explained

Declined credit cards are a common occurrence in any business environment, but it is especially common in B2C, high-transaction volume companies. Whatever point-of-sale system you use, it should deliver a specific code number along with the decline receipt, but that won’t help give you the “why” without having the definitions to those codes. Having these on hand helps you provide better customer service by way of a more thoughtful and thorough explanation. We’ve compiled a list of the most common denial reasons below, and if you cannot find the code here, we recommend contacting your POS provider directly.

Credit Card Machine Costs

How Much Does a Credit Card Machine Cost?

So you’re on the lookout for new credit card machines for your business or, perhaps, you’re forecasting replacement costs for your stores and need a working range to work off of. Whatever your reasoning for being here, it’s important to understand that credit card machines are a bit tricky when it comes to pricing. Almost all of them carry a variety of associated fees, and it’s never “just” the hardware. With this caveat in mind, we’ll breakdown the costs into three separate categories: hardware, associated fees, and other miscellaneous fees. Hardware Costs Credit card machines can cost anywhere from $200 to $1,000, depending on the features you need and the company you purchase them from. At the base level, you can expect a magnetic strip, display screen, keypad, and chip card capabilities. If you’re only looking to provide basic service, then you shouldn’t be spending more than a couple hundred…

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What is EBT, SNAP, Benefit Transfer?

What is EBT?

If you work in and/or around the B2C food industry, you’re probably familiar with EBT or customers asking you if you support SNAP program payments. EBT stands for electronic-benefit-transfer, and it’s the government’s transaction method for what most of us know as food stamps. Physical stamps were used for financial assistance up until the 1990’s, at which point the program was officially renamed the Supplemental Nutrition Assistance Program, or SNAP for short. Depending on a citizen’s needs, the government sends a pre-loaded debit card to eligible recipients — like a gift card of sorts. Once the citizen receives the card, they are able to use it at any eligible SNAP location, but only on certain categories of items. EBT is most often used at grocery stores, but depending on the state, fast food, farmers markets, bakeries, and more can accept EBT transactions. While it varies slightly from state to state,…

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Reading into your statements

6 Things to Know about ACH & Wire Transfers

You may think you already know what the differences are between ACH & Wire Transfers; well, let’s test that theory. Read on for our list of six things you should know about these money vehicles. Let’s start with a few basics. Wire Transfers Wire transfers take place moving funds from your bank account to deposit to someone else’s bank account (or vice versa) in a transaction that moves directly from bank-to-bank. Wire transfers generally take place within just a few minutes but sometimes may take a few days. The reason these types of transfers happen is because the banks have entered into an agreement to accept such transfers. The agreement sets out the rules for transferring and receiving the monies. A few of those rules are: The banks verify both bank accounts and the account holders. The banks verify the amount of money in each account to avoid charge backs….

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What is Level 3 Data? Everything You Need to Know

If you’ve ever worked in the space of major business-to-business (B2B) or business-to-government (B2G) transactions, you may have heard of level three or level two payment processing. In the process of researching credit card processing, it’s a good idea to take a few minutes to understand what level one, level two, and level three credit card transactions are. Credit Card Transaction Data Level/Rate Each level of credit card transaction is associated with a set of data fields. With every credit card transaction comes some amount of auxiliary information. The most basic and common type of credit card transaction is the level 1 transaction. The basic data fields required to complete a level 1 credit card transaction are: Merchant DBA Name Billing zip code Transaction amount Additional information, such as the date and time of the transaction and additional cardholder information is automatically recorded by the bank but isn’t explicitly reported by the merchant…

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