Floor Limit Meaning

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Floor limit meaning.

The floor limits usually come into. A retail authorization system in which all of a merchant s credit or debit transactions must be checked against the card s outstanding balance due and or any warning bulletin. Some say int 3 65 4 the same as the floor function others say int 3 65 3 the neighbouring integer closest to zero or just throw away the 65. Floor limits were of more significance when most credit card merchants processed transactions by taking a physical imprint of the card rather than electronically swiping the magnetic.

In credit card purchases the maximum amount the merchant can charge to the buyer s card without getting authorization. For a charge above the floor limit the merchant must obtain authorization from the card issuer. The floor limit is a predetermined limit set by the merchant and the creditor. The int function short for integer is like the floor function but some calculators and computer programs show different results when given negative numbers.

The term floor limit comes from the days when it was the maximum amount which could be approved on the floor of the retailer beyond which the cash register operator would have to call for approval. In mathematics and computer science the floor function is the function that takes as input a real number and gives as output the greatest integer less than or equal to denoted or similarly the ceiling function maps to the least integer greater than or equal to denoted or. A zero floor limit means every credit card transaction has to be authorized.