A six digit alphanumeric code assigned by the Issuer to identify the approval for a specific authorization request. This guarantees the merchant that funds will be available for 30 days, and freezes the card holder’s funds for 10-21 days, presuming proper protocols are followed. A transaction resulting in an Approval Code is not final until the Batch containing the transaction is settled. Approval Codes containing letter characters are usually a result of a business, commercial, corporate, or purchasing credit card transaction. Once approved, the Approval Code should be saved as its needed to complete the sale later on a terminal, POS, software, online or directly with the Processor.
« Back to Glossary Index
« Back to Glossary Index