Card Transaction Data
Card Transaction Data
Card Transaction Data is financial data generally found through the transfer of funds between a card holder's account and a business's account.[1] It comprises of the use of either a debit card or a credit card to generate data on the transfer for the purchase of goods or services. Transaction data describes an action which is comprised of events in which master data participates in. Master data is the people, places or things an organization cares about and is consistent. Transaction focuses on the price, discount and method of payment interaction between the customer and the organization.[2] They are based on volatility as each transaction data changes every time a purchase is made, one time it could be $10, the next $55. Since debit and credit cards are commonly used to pay for goods and services, they represent a strong percentage of the consumption expenditure in the country.
Overview
When a transaction is made, the card holder is offered a paper pr electronic transaction record containing information about the purchase. This includes: transaction amount, transaction number, transaction date and time, transaction type (deposits, withdrawal, purchase or refund), type of account been debited or credited, card number, identity of the card acceptor (organization/store address) as well as the identity of the terminal (company name from which the machine operates).[3] The use of debit cards in 2014 increased by 18% from the 2011 total volume of Canadian Payment Methods. As for credit cards, it increased by 26% from the 2011 total volume of Canadian Payment Methods.[4] These two types of payment methods combined make up for more transactions than cash. Card transaction data is cr
Credit Cards
Terminal processes of credit card transactions:
- Purchase
- Purchase-void
- Refund
- Refund-void
- Pre-authorization
- Private label payment
- Private label payment-void
- Note: Terminal process pre-paid credit cards the same as standard credit cards
Type of credit cards:
- Standard (MasterCard, Visa, Discover, AMEX)
- Pre-paid (MasterCard, Visa, Discover, AMEX)
- Corporate (purchasing) cards (as long as it is a processable standard card, i.e. standard Visa means corporate Visa cards are processable)
- Private label cards (depending on the terms of agreement between the company's financial terminal data generator[5]
Debit Cards
Terminal processes of debit card transactions:
- Purchase
- Purchase-void
- Refund
- Refund-Void
- Some debit chips may also allow:
- Pre-Authorization
- Pricate label payment
- Private label payment-void
- Note: debit card-holder must input their own PIN to complete transaction[6]
Point of sale terminals will give access to information
Interact Debit transactions has increased rapidly in the last 6 years according to Interact Debit statistics.[7] Canada however, has a lower use of debit use debit transaction by inhabitant compared to the United States, Sweden, Netherlands, Australia, and Great Britain.
Challenges
References
- ^ "Financial Transactions". www.moneris.com. Retrieved 2016-11-06.
- ^ "Master Data VS Transaction Data". www.intricity.com. Retrieved 2016-11-06.
- ^ Canada, Financial Consumer Agency of. "Canadian Code of Practice for Consumer Debit Card Services - Debit Card Transactions". www.fcac-acfc.gc.ca. Retrieved 2016-11-06.
- ^ Tompkins, Michael. "Canadian Payment Methods and Trends: 2015" (PDF). Canadian Payments Association Discussion Paper. No. 4. Canadian Payments Association. ISSN 2369-3541.
{{cite journal}}:|volume=has extra text (help) - ^ "Credit Card Transactions". www.moneris.com. Retrieved 2016-11-06.
- ^ "Debit Card Transactions". www.moneris.com. Retrieved 2016-11-06.
- ^ User, Super. "Interac - Interac Debit". www.interac.ca. Retrieved 2016-11-06.
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