MIT (Merchant Initiated Transactions) are payment transactions that are not initiated by the Cardholder, but by the Merchant, after agreement between them. There are several types of MITs, including UCOF and Recurring, which are already marketed.
Allows the Merchant to initiate the payment, without fixed recurrence.
Enables payments of fixed or variable amount, without the end customer having to authenticate after initial authorisation.
Benefits
Allows the Merchant to initiate the payment, without fixed recurrence.
Enables payments of fixed or variable amount, without the end customer having to authenticate after initial authorisation.
Transactional commissions/items for authorisation and purchase apply. The 3DS authentication item is only applied in the initial transaction
UCOF will be available on SIBS gateway 2.0 for payments using VISA and Mastercard scheme cards, for:
- Server-to-Server;
- Form.
UCOF (Unscheduled Credential on File)
An UCOF (Unscheduled Credential on File) transaction does not occur on a fixed or recurring date and may have a variable value. Each MIT can be of a lower, equal or higher amount than the initial transaction made by the customer – the CIT (Cardholder Initiated Transaction).
Recurring
Transactions processed at fixed, regular intervals not to exceed one year between Transactions, representing an agreement between a Cardholder and a Merchant to purchase goods or services provided over a period of time.