We sat down with our CTO, Matt Collinge, for some insights into this new innovation we are introducing on Monday 17th of September, which will allow us to pass more details in real time to your payment card issuers, about the transactions you have actually made with us.
How are deals processed?
When you make a payment, in addition to the amount the products or services expense, merchants send out through an MCC, or Merchant Classification Code, to your payment card processor. Every transaction that’s made with a credit or debit card will be designated an MCC, which represents the classification the particular merchant or business suits, in addition to the level of danger.
For more details on how we process deals see here:
How will this new technology change the way Curve procedures transactions?
We are altering the method we send out MCCs to our consumers’ hidden payment card issuer. Curve imitates a merchant during part of the transaction processing flow. Formerly, we sent the very same MCC for all transactions, that made sense as most merchants only suit one category. Curve is clearly not a ‘normal’ merchant so we discovered a way to innovate that enables us to send out more precise information on a transaction-by-transaction basis.
How will it impact our customers?
This has numerous advantages for Curve clients. For the large bulk the acceptance rate will improve, as the choice to accept or decline a deal will be made with more complete information. For clients who utilize other FinTech business, you will have the ability to see more info regarding your deals on your underlying payment cards’ statements, as we will now be passing more precise MCC info to your banks. Another benefit is that your purchases with Curve might make you card rewards for certain qualified payment cards.
Some transactions might result in charges being imposed by certain companies, reliant on their own terms of service. Your card provider will be able to identify money withdrawals from your payment card, therefore withdrawing cash from a credit card is not recommended.
We are continuously working on discovering methods to simplify our clients’ monetary lives. This is a little, yet extremely amazing action towards understanding this vision.