credit card over the phone

System

Question is a customer wants to but an item over the phone using a credit card, give a description of what c.card limit and floor limit is? what are the issues surrounding these?

System

credit card over the phone

Hi There<BR><BR>The floor limit is the amount set up in the company as the maximum amount it will allow a transaction to go through for before it has to telephone the credit card company for authorisation. So for example, a customer may have a credit card limit of £5000, your company may have a floor limit of £3000, the customer wants to buy items for £4000, now they have enough credit to pay you, but it exceeds the amount of your floor limit, so a simple telephone call to check that the transaction can go ahead is all that is required.<BR><BR>It's a safety issue in line to protect the business from fraudulent credit card abuse.<BR><BR>Tracy