The Internet Acquirer Bank is the bank ensuring the clearance between the bank issuing the card and the Internet merchant in the payment system network.
In Moldova, at the moment, this service is provided by 3 banks.
Payments are mainly made by bank cards of 2 payment systems: Visa и Mastercard.
To accept online payments by bank cards though the Internet, the company must sign an appropriate agreement with the bank and receive an Internet Merchant Account.
The conditions for the provision of Internet acquiring are determined by the bank individually for each client.
The processing of information on the payer’s bank card takes place in accordance with PCI-DSS, when the merchant does not know the full number of the payer’s bank card.
nline payment transactions involve risks that fall into four main categories:
The authorization has expired, insufficient funds or processing error at the bank.
Duplicate billing, incorrect amount billed, or refund never issued.
Consumer claims to have never received the goods as promised at the time of purchase.
Consumer claims they did not authorize the purchase or identity theft..
If the seller has a step in the procedure for authorizing the transaction before crediting the Internet seller to his current account, and he has certain doubts about the legality of the payment, then he can unblock money on the buyer’s card (Unblock money) and actually refuse to accept this payment.
If the payment was made and the money got to the account of the Internet seller, then the merchant has 3 options:
A card reversal
Refund, when the merchant cancels the transaction after it has been authorized but before settlement occurs, i.e. before the end of the current trading day.
For example, a seller will not be able to fulfill an order because the desired product is not in stock, etc.
A card refund
Refunds to the consumer, voluntarily initiated by the seller, but after the settlement has taken place.
For example, the seller rated the fraud risks as high after a prompt call to the buyer.
A card chargeback
Chardgeback occur as a result of a dispute between the merchant and the cardholder regarding the validity of the transaction. In this scenario, the seller also pays a penalty for each chargeback.
If the number of chargebacks exceeds a certain limit, the service of the Internet seller by the Internet acquiring bank may be suspended or terminated.