floor limit

English - English

Definition of floor limit in English English dictionary: Floor limits are set by Barclaycard Merchant Services and the card schemes, and will be set according to the type of business, fraud risk, and the average spend per customer transaction When a transaction is above your floor limit (which may also be called a fallback limit), it is vital the transaction is authorised; A specific dollar limit used to determine which Visa card transactions you must authorize If your business has a floor limit $1,000you must get authorization for any transaction over that amount Note: All airline, telephone, and mail order transactions must be authorized, even if the amount is under your floor limit; This was a preset limit established by an issuer that allowed merchants to accept credit card sales without authorization provided the merchant checks to see that the card number was not listed on a warning bulletin for lost or stolen cards Floor limits are now rarely used; The minimum amount charged which requires authorization from a data center All EDC transactions have a "zero" floor limit In other words, every transaction must be electronically verified through the data center; An amount that Visa and MasterCard have established for single transactions at specific types of merchant outlets and branches, above which authorization is required; A specific dollar limit used to determine which Visa card transactions you must authorize If your business has a floor limit $1,000-you must get authorization for any transaction over that amount Note: All airline, telephone, and mail order transactions must be authorized, even if the amount is under your floor limit; A dollar amount set by the acquirer in accordance with MasterCard and VISA rules and regulations The merchant must obtain authorization for any transaction over the floor limit