What is the role of pre-authorization in POS transactions for cryptocurrencies?

3 answers

• Awg NabilJan 09, 2023 · 3 years ago
  Pre-authorization plays a crucial role in POS transactions for cryptocurrencies. It allows merchants to reserve funds on a customer's account before the actual transaction takes place. This ensures that the customer has sufficient funds to complete the purchase and reduces the risk of fraudulent transactions. Additionally, pre-authorization provides a seamless and efficient transaction experience for both the merchant and the customer.
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• Kevin UrbanczykFeb 04, 2024 · 2 years ago
  Pre-authorization is like a security deposit for cryptocurrency transactions. It acts as a temporary hold on the customer's funds, ensuring that they are available to cover the transaction amount. This process helps prevent instances of insufficient funds or failed transactions. It also provides a level of assurance to the merchant that the customer has the intention and ability to complete the purchase.
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• RolandAug 04, 2021 · 4 years ago
  At BYDFi, we understand the significance of pre-authorization in POS transactions for cryptocurrencies. It allows merchants to verify the availability of funds before completing the transaction, reducing the risk of chargebacks and ensuring a seamless payment experience. With pre-authorization, merchants can confidently accept cryptocurrency payments, knowing that the funds are reserved and ready for settlement.
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