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AuthorizationThe credit card authorization is the verification that the credit card has enough of a balance on the credit line to cover the amount of the purchase. Every time a credit card is used in a transaction, the merchant receives approval from the credit card company.The authorization occurs a couple of ways. If the transaction is being processed at a retail store with a brick-and-mortar building, the approval authorization code is sent to the point of sale equipment in the store. This is the machine that your credit card is swiped through. This machine will verify not only that there are enough funds in the line of credit for the credit card, but also that the credit card is not expired. When transactions are processed online, the authorization occurs online as well. There is no separate point of sale machine, but the process otherwise is the same. The authorization code is still sent to the merchant and the transaction is approved. More Glossary Terms Explained here |
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