floor limit.

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
Hi all of them
best of luck for june PLB exam.
can any body help me about floor limit correct meaning. i am worried about floor limit meaning i find text book iam not feeling good could ypu tell me
clear, and simplefy meaning floor limit. not example.

regards
ammaji.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:floor limit.

    If it's to do with credit card transactions it refers to the maximum limit the retailer can accept before requesting verification/authorisation.
    The limit is set by mutual agreement and dependent on the type of business.
    This is processed automatically through the terminal.
    Make sense? 8)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:floor limit.

    A floor limit is a limit set by the retailer on card transactions. If a transaction goes above this limit, the retailer must contact the card provider and ask for authorisation to proceed. However with the new chip & PIN this is becoming irrelevant.

    Good luck

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:floor limit.

    HI (GEM)


    THANK YOU VERYMUCH.I UNDERSTAND.

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