Transactions

A transaction is an activity that impacts the financial state of a card account. The cardholder or card issuer can initiate a transaction to pay an amount of money to each other as per agreed terms. 

As a card issuer or processor, you can utilize the CoreCard system to issue cards, and to process various transaction types received within the closed-loop environment or from an open network. These transactions could fulfill different purposes, such as purchases, payments, adjustments, and transfers.

Usually, the CoreCard system receives a transaction when a cardholder utilizes his card at a merchant terminal or online to make a purchase. These kinds of transactions are initiated by the merchant and routed to the CoreCard system for validation and processing. 

If a purchase is initiated from an open network, then the transaction is initially routed via the card network to obtain authorization. Subsequently it is submitted with a clearing to debit the funds from the cardholder's account. If it is received from network merchants (i.e., a closed loop environment), then you can route it via APIs, which will be validated and posted accordingly in the system.

In some situations, the merchant may process purchase reversals or refunds for an initially authorized or cleared transaction. These transactions are treated similarly to purchase transactions when received from an open network or a merchant network.

Apart from purchase transactions, a payment or balance transfer transaction can be initiated and posted whenever a cardholder makes a payment against the due calculated or to pay any third party. This may occur via a transfer of the funds or balances to another payee, respectively. Based on the situation, you can post adjustment transactions to a card account when the transaction was not posted correctly or was posted with the incorrect amount, or in a similar situation.