Scanvenger Hunt : Play, Scan & Win

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| By Ritu
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Quizzes Created: 1 | Total Attempts: 66
Questions: 10 | Attempts: 66

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Scanvenger Hunt : Play, Scan & Win - Quiz


Questions and Answers
  • 1. 

    Please select the following information that is required for creating a user ID that allows a Merchant to make account changes & bank changes 

    • A.

      Merchant ID

    • B.

      Postal Code

    • C.

      Bank Information

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    To create a user ID that allows a Merchant to make account changes and bank changes, all of the above information is required. The Merchant ID is necessary to identify the specific merchant, the Postal Code is required for verification purposes, and the Bank Information is needed to link the merchant's account for making changes.

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  • 2. 

    Bank changes and Account Services can be performed on Merchant website under which dashboard?

    • A.

      Disputes Dashboard

    • B.

      Payments Dashboard

    • C.

      Account Services Dashboard

    Correct Answer
    C. Account Services Dashboard
    Explanation
    The correct answer is Account Services Dashboard because it is the specific dashboard on the merchant website where bank changes and account services can be performed. The Disputes Dashboard is focused on handling disputes, while the Payments Dashboard is dedicated to managing payments. Therefore, the Account Services Dashboard is the most appropriate option for performing bank changes and account services.

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  • 3. 

    OTC (One Time Code) consists of how many digits?

    • A.

      5

    • B.

      6

    • C.

      7

    Correct Answer
    B. 6
    Explanation
    OTC (One Time Code) consists of six digits. This means that the code is made up of six numerical characters. It is commonly used for verification purposes, such as when logging into online accounts or conducting secure transactions. The six-digit length provides a balance between security and convenience, as it is long enough to be difficult to guess or brute force, but short enough to be easily entered or communicated.

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  • 4. 

    Please select the following attributes which a merchant can change while performing Account Servicing

    • A.

      Legal Name Change

    • B.

      Address Change

    • C.

      Phone number Change

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    A merchant has the ability to change their legal name, address, and phone number while performing account servicing. This means that they can update their information as needed, such as in the case of a legal name change, moving to a new location, or getting a new phone number. By having the option to change these attributes, the merchant can ensure that their account information is accurate and up to date.

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  • 5. 

    What would happen if the Rolling 12 month volume on the account exceeds $500K?

    • A.

      Bank change will be successful

    • B.

      CLIC case will be created

    • C.

      None of the above

    Correct Answer
    B. CLIC case will be created
    Explanation
    If the rolling 12-month volume on the account exceeds $500K, a CLIC case will be created. This suggests that when the account's volume goes beyond the specified threshold, it triggers the creation of a CLIC case. The purpose of this case could be to review and analyze the account's activity, potentially leading to further actions or decisions by the bank.

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  • 6. 

    A merchant can update banking for multiple accounts on Merchant Interactive. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement suggests that a merchant has the ability to update banking information for multiple accounts on Merchant Interactive. This implies that the platform provides a feature or functionality that allows merchants to make changes to their banking details for multiple accounts simultaneously. Therefore, the statement is true.

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  • 7. 

    Bank Changes can be processed on Merchant Interactive without verifying the existing bank information

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Bank changes cannot be processed on Merchant Interactive without verifying the existing bank information. This means that before any changes can be made to the bank information, the existing bank details need to be verified. Therefore, the correct answer is False.

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  • 8. 

    Account Services changes can be completed end to end by the merchant on MI and it does not create a CLIC case.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is stating that Account Services changes can be fully completed by the merchant on MI (presumably a platform or system) without the need to create a CLIC case. This implies that the merchant has the ability to make all necessary changes to account services without involving any additional parties or processes. Therefore, the statement is true.

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  • 9. 

    After a successful bank change, a systematic letter would trigger on real time basis.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    After a successful bank change, a systematic letter would trigger on a real-time basis. This means that as soon as the bank change is completed successfully, a letter would be automatically generated and sent out immediately. The use of the term "real-time basis" indicates that there is no delay or waiting period before the letter is triggered. Therefore, the statement is true.

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  • 10. 

    The demographic changes on Merchant Interactive reflects on real time basis on our system of records

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement suggests that the demographic changes on Merchant Interactive are immediately updated and reflected in the system of records. This implies that any modifications or updates made to the demographics of users or customers on Merchant Interactive are instantly recorded and visible in real-time. Therefore, the answer "True" indicates that the system of records accurately reflects the demographic changes as they occur on Merchant Interactive.

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