Fallback Transaction definition

Fallback Transaction means the process that is followed when a normal Chip Card Transaction cannot be completed on a Speedpoint® Device due to a Speedpoint® Device being unable to read the Chip Card, and where the Speedpoint® Device prompts You to complete the Transaction using the magnetic strip;
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Fallback Transaction means the process that is followed when a normal Card Transaction cannot be completed on a POS device due to a POS device being unable to read the Card, and where the POS device prompts the Merchant to complete the Transaction using the magnetic strip;
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Fallback Transaction means an EMV chip card is present and the Transaction initially attempted at a Chip-Reading Device, where the device’s inability to read the Chip prevented the Transaction from being completed using the chip card data, and the Transaction is instead completed using magstripe.
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Examples of Fallback Transaction in a sentence

  • This provision only applies Cards, where a chip on a Card has been damaged and a Fallback Transaction is processed with the Customer entering a PIN on the POS device.

  • When processing a Fallback Transaction you must: • use the Manual Imprinter and the correct Fallback Voucher for the Transaction; • complete the Cardholder details (Card name, Card number, expiry date and account type), description of goods, Transaction value and date; • obtain phone authorisation for all credit card transactions and process these on the day of purchase.

  • This provision only applies Cards, where a chip on a Card has been damaged and a Fallback Transaction is processed with the Customer entering a PIN on the POS device 6.7. Should one or more of the abovementioned requirements not be met, the Transaction in question will be regarded as invalid and VPS may immediate terminate the Agreement on notice to the Merchant and apply set-off, net-settlement and/or debit the Merchant’s Merchant Account with the value of the loss or losses incurred.


More Definitions of Fallback Transaction

Fallback Transaction means in the event that the chip on the Chip Card fails, the Card Transaction reverts to an online magnetic stripe Card Transaction.
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