Methods of Processing Credit Cards
Today a majority of credit card transactions are sent electronically to merchant processing banks for authorization, capture and deposit. Various methods exist for presenting a credit card sale to "the system." In all circumstances either the entire magnetic strip is read by a swipe through a credit card terminal/reader, a computer chip is read, or the credit card information is manually entered into a credit card terminal, a computer or website. The earliest methods, submitting credit card slips to a merchant processing bank by mail, or by accessing an Automated Response Unit (ARU) by telephone, are still in use today but have long been overshadowed by electronic devices. These early methods used two-part forms and a manual device for mechanically imprinting the embossed card number information onto the forms.
Read more about this topic: Merchant Account
Famous quotes containing the words methods of, methods, credit and/or cards:
“If you want to know the taste of a pear, you must change the pear by eating it yourself.... If you want to know the theory and methods of revolution, you must take part in revolution. All genuine knowledge originates in direct experience.”
—Mao Zedong (1893–1976)
“If men got pregnant, there would be safe, reliable methods of birth control. They’d be inexpensive, too.”
—Anna Quindlen (b. 1952)
“The solar system has no anxiety about its reputation, and the credit of truth and honesty is as safe; nor have I any fear that a skeptical bias can be given by leaning hard on the sides of fate, of practical power, or of trade, which the doctrine of Faith cannot down-weigh.”
—Ralph Waldo Emerson (1803–1882)
“Skill sheets, workbooks, basal reader, flash cards are not enough. To convey meaning you need someone sharing the meaning and flavor of real stories with the student.”
—Jim Trelease (20th century)