The maximum amount of credit available to a customer for a purchase without the need for credit authorization.
A transaction amount limit above which an Acceptor must obtain authorization from the issuer.
A specific dollar limit used to determine which Visa card transactions you must authorize. If your business has a $1,000 floor limit, any transaction more than $1,000 will require authorization. Note: All airline, telephone, and mail order transactions must be authorized, even if the amount is under your floor limit.
The transaction value above which a merchant must obtain an authorization
The dollar amount an acquirer sets in accordance with Visa/MasterCard guidelines. The merchant must obtain an authorization for all transactions above the floor limit.
The smallest transaction amount the vPOS software can submit to the acquirer for approval; the vPOS software locally authorizes all transactions that are below the floor limit. Integrated Merchant Merchant whose systems are integrated. (i.e. Order management,Credit card processing).
A set value, above which a business (merchant) must request authorisation. The limit is set by the bank but may be varied from time to time. For example, if there is a high incidence of fraud in an area or particular type of business.
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.
A limit on the value of each transaction, agreed between the merchant and acquiring bank, above which authorisation must be obtained by the merchant, from the card issuer.
An amount that Visa and MasterCard have established for single transactions at specific types of merchant outlets and branches, above which authorization is required.
An amount agreed between an acquirer and a merchant for a single transaction over which an authorisation approval must be obtained by the merchant for guarantee of payment subject to compliance with certain conditions.
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.
The amount established by Visa for individual transactions at different types of merchants and branches, over which the merchant is required to obtain authorization.
The limit that Visa and MasterCard have established for single transaction at specific types of merchant outlets and branches which require authorization.
Monetary limit for transactions given to a merchant by its acquirer above which a prior authorisation must be obtained.
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.
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 floor limit is the amount of money above which credit or debit card transactions must be authorised. The limit can vary from store to store.