MasterCard is a financial services organization which processes the transactions carried out on credit/debit cards operated by a range of banks and other lenders.
MasterCard has 3 types of products-
- Master Card
- Maestro Card
- Cirrus Card
Complexities of credit card transactions are more when compared to debit card as host banks have to deal with revenue leakage in terms of expenditure.
Debit and Credit Card Reconciliation
If you are looking for a company that can help you in your Debit card or Credit Card reconciliation, then you have reached the right place.
Ascent AutoRecon© reconciliation software analyses these complexities and handles the deviations very efficiently. It understands the complications of latest payment methods and e-environments available in UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia.
Globally, every second, debit and credit cards are used for millions of transactions either through POS or online. Physically, considering the human capacity, accounting these money transfers in actual transaction time may be highly impossible. Thus, AutoRecon© stands out among other cards reconciliation software and is the best option to increase the cost efficiency and optimize the productivity.
MasterCard plays an intermediary role in the processing of chargebacks and is the final arbiter as to their validity. If the chargeback is resolved in the merchant’s favour, no settlement activity takes place. If the chargeback is resolved in the cardholder’s favour, MasterCard will debit the transaction amount from the acquirer’s net settlement and credit it to the issuer’s net settlement. All of the activity just outlined is conducted before the settlement cut-off time, once funds are settled between issuers and acquirers, MasterCard provides electronic reports to its banks for facilitating the detailed entries into the individual customer accounts each processing day.
Functionalities of Cards Reconciliation Software
- Collects data from host banks and visa/master networks in real-time
- Synchronizes ATM Electronic Journals (EJs), Network Switches, GL of Host Bank and Payment Order
- Issuer (Remote-On-Us) Visa Network: Reconciles transactions occurred through other banks interface (POS/ATM/O) across Visa Switch Network
- Acquirer (Not-On-Us) Visa Switch Network: Resolves transactions occurred through own Bank’s ATM through Visa Switch Network