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 men got pregnant, there would be safe, reliable methods of birth control. They’d be inexpensive, too.”
—Anna Quindlen (b. 1952)
“Cold and hunger seem more friendly to my nature than those methods which men have adopted and advise to ward them off.”
—Henry David Thoreau (1817–1862)
“Japanese mothers credit “effort” as the key determinant of a child’s achievement in school, while American mothers name “ability” as the more important factor.”
—Perry Garfinkel (20th century)
“Out in Hollywood, where the streets are paved with Goldwyn, the word “sophisticate” means, very simply, “obscene.” A sophisticated story is a dirty story. Some of that meaning was wafted eastward and got itself mixed up into the present definition. So that a “sophisticate” means: one who dwells in a tower made of a DuPont substitute for ivory and holds a glass of flat champagne in one hand and an album of dirty post cards in the other.”
—Dorothy Parker (1893–1967)