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A transaction is referred to the activity which impacts the financial state of a card account. The transaction can be initiated by the cardholder or card issuer to pay the amount of money to each other as per the agreed terms.

As a card issuer/processor, you can utilize the CoreCard system to issue cards and process various transaction types received within the closed-loop environment or from an open network to fulfill different purposes such as purchase, credit, adjustment, transfer, etc.

Usually, the CoreCard system receives a transaction when a cardholder utilizes his card at a merchant terminal or online to make any purchase. These kinds of transactions are initiated by the merchant and routed to the CoreCard system for validation and processing.

If a purchase is initiated from an open network, then the transaction is routed via the card network initially to get an authorization and subsequently submitted with a clearing to debit the funds from the cardholder’s account whereas if it is received from network merchants (close loop environment), then you can route it via APIs which will be validated and posted accordingly in the system.

In some situations, the merchant may process the purchase reversals or refunds for an initially authorized or cleared transaction. These transactions are treated similarly to purchase transactions when received from an open network or from a merchant network.