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Authorization CodeAn authorization code is a code issued by a credit card company's issuing bank in response to a merchant's request for approval. This code is delivered to the Point of Sale machine at the vendor's location, and the machine will indicate to the merchant that the transaction was approved. The code proves that the transaction happened, and is printed on the customer's receipt. If there is ever a question as to whether or not the transaction occurred, the customer or merchant only has to look at the authorization code to prove that there was approval of the transaction.The amazing thing about transaction processing is that the authorization code, and therefore approval, is sent to the POS machine in just a few seconds. The merchant and customer do not have to wait long to know whether or not the transaction worked. This is highly beneficial to the merchant, because they can handle many customers in a short amount of time. More Glossary Terms Explained here |
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