Credit Card is issued by the different financial institutes or agencies to the general customers. General customer is basically referred to a owner of card holder. Customers generally use Credit Card to purchase goods or materials. Credit card is issued to the customers with some transaction limit depending upon their monthly or yearly earnings.
There are different steps for credit card processing.
1) Transactions started when credit card holder uses card for payment. All the informations are entered into merchant's processing system (Credit card terminal or computer).
2) System requested authorization into the processor network for a secure payment from the credit card account. Then it will be linked up with credit card network who transmit the authorization request to the issuing bank's computer network.
3) Bank check the credit card number and availability of fund for transaction.
4) Finally, total amount of the credit card transaction is then deposited into the merchant's business bank account.
There are different steps for credit card processing.
1) Transactions started when credit card holder uses card for payment. All the informations are entered into merchant's processing system (Credit card terminal or computer).
2) System requested authorization into the processor network for a secure payment from the credit card account. Then it will be linked up with credit card network who transmit the authorization request to the issuing bank's computer network.
3) Bank check the credit card number and availability of fund for transaction.
4) Finally, total amount of the credit card transaction is then deposited into the merchant's business bank account.
No comments:
Post a Comment