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What is pre-authorized transaction authorization?
Pre-authorized transaction authorization is the permission given by a cardholder to a merchant to automatically charge a credit or debit card for recurring payments.
Who is required to file pre-authorized transaction authorization?
Both the cardholder and the merchant are required to have pre-authorized transaction authorization in place for recurring payments.
How to fill out pre-authorized transaction authorization?
To fill out a pre-authorized transaction authorization, both the cardholder and the merchant must agree on the terms of the recurring payment, including the amount, frequency, and duration.
What is the purpose of pre-authorized transaction authorization?
The purpose of pre-authorized transaction authorization is to streamline recurring payments and ensure that they are processed efficiently and accurately.
What information must be reported on pre-authorized transaction authorization?
Pre-authorized transaction authorization must include the cardholder's name, card number, expiration date, billing address, the amount to be charged, the frequency of the charges, and the duration of the authorization.
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