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11MERCHANT OPE RATING GUIDE MANUAL PROCESSING33 23Contents 1. Welcome42. Important Contact Details53. Floor Limits and Authorisations54. Fraud Minimisation75. Security Tips for Mail, Telephone and

How to fill out floor limits and authorisations

How to fill out floor limits and authorisations

1. Start by gathering all the necessary information and documentation needed to fill out floor limits and authorizations.
2. Review the current floor limits and authorizations policy and guidelines provided by your organization.
3. Determine the appropriate floor limits for different transaction types and categories based on your organization's risk tolerance and business needs.
4. Clearly define the authorization levels and hierarchy within your organization's approval process.
5. Make sure to include all relevant details such as transaction amount limits, cardholder identification requirements, and any special conditions or restrictions.
6. Create a comprehensive form or template to record and document the floor limits and authorizations for each transaction.
7. Train and educate authorized personnel on how to correctly fill out the floor limits and authorizations form.
8. Establish a clear process for regular review and updates of floor limits and authorizations to ensure they remain relevant and effective.
9. Continuously monitor and track transactions against the established floor limits to identify any potential risks or deviations.
10. Regularly communicate and report on the floor limits and authorizations status to relevant stakeholders within your organization.

Who needs floor limits and authorisations?

1. Floor limits and authorizations are essential for any organization that accepts card payments, such as retailers, restaurants, e-commerce businesses, and merchants.
2. Financial institutions, banks, and credit card companies also require floor limits and authorizations to manage and mitigate fraud risks associated with card transactions.
3. Compliance with card payment industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS), often mandates the implementation of floor limits and authorizations.

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What is floor limits and authorisations?

Floor limits are the maximum amount that a cardholder can spend on a card transaction without requiring authorization. Authorizations are the approval process where the card issuer verifies if the cardholder has enough funds to complete the transaction.

Who is required to file floor limits and authorisations?

Merchant establishments and financial institutions are required to set floor limits and process authorisations for card transactions.

How to fill out floor limits and authorisations?

Floor limits can be set by the merchant establishment based on the risk appetite and authorization codes can be obtained through the card processing network.

What is the purpose of floor limits and authorisations?

The purpose of floor limits and authorisations is to prevent fraud, manage risks, and ensure that transactions are valid and authorized.

What information must be reported on floor limits and authorisations?

The information reported on floor limits and authorisations includes transaction amount, card number, merchant details, authorization code, and date/time of transaction.