Bits & Bytes
It seems simple: The customer wants to make a
purchase and use electronic payment; the merchant
wants to sell and receive payment for the goods
and services in a timely fashion. Yet the electronic
payments process is fraught with many challenges
— the transaction is much more complex than the
relationship between a merchant and a customer. It
introduces an issuer of the payment and an acquirer
to process the payment. Further complicating matters are the regulations and taxes imposed by state
and federal agencies.
A commercial transaction adds even more com-
plexity. A fleet manager may require his drivers to
only purchase fuel and may further restrict what
kinds of fuel. A
third party cre-
ates reports for
the fleet manag-
er to consolidate
what used to be
action has been
tudes of comput-
ers. Each of the computer systems introduces a level
of complexity with its own requirements.
Each merchant and each issuer has its own
proprietary product codes so the acquirer needs to
act as translator between the merchant and issuer
— a system not without its challenges. A growing
into a smaller
codes on existing
in product codes can
cause issues with regulato-
ry reporting, product restriction enforcement
and timely payment of transactions.
Improving the accuracy of the overall process
is the ultimate goal of Conexxus. The Conexxus
Payment Systems Product codes allow the merchant and issuer to use the same product code and
supports a range of fuels products available. The
codes are available for adoption by merchants,
acquirers and issuers.
For the merchant, this ensures that the product
codes are accurate for the product being sold — it is
no longer translated by the acquirer — and the same
product code is used for reporting by the issuer. For
the acquirer, the burden of of translating codes from
one proprietary list to another is eliminated. For the
issuers, the benefit is authorization and reporting is
based on a standard set of codes that were provided
directly from the merchant without translation.
The Conexxus Retail Financial Transaction
Committee updates the Conexxus Payment
Systems Product Codes as new products and fuel
varieties are introduced into the market. To get involved or for more information, go to conexxus.org.
We are working on our next release right now!
I-Spec Technical Solutions Manager, WEX Inc.
Chair, Conexxus Retail Financial Transaction