- #CARDWORKS CREDIT CARD PROCESSING FULL#
- #CARDWORKS CREDIT CARD PROCESSING VERIFICATION#
Through this article, we will try to understand how a credit card works financially and technically.
#CARDWORKS CREDIT CARD PROCESSING VERIFICATION#
The Card Verification Value Number (CVV)īut have you ever wondered what happens when we use this plastic currency card in a store or for online purchases to pay our bills? What actually happens in those mili-seconds when you swipe the card and how does the payment get credited in the merchant’s account? Using a credit card might seem to be a simple process but the process of getting payment credited to the merchant’s account from the card issuer’s account is a complex process. A Wifi like symbol that shows that your card is a contactless card. Logo of the Card Issuer & Card Network (Visa, Mastercard, etc). A unique credit card number printed or embossed on the card. A credit card bears the following details:. Other than your name and Card Verification Value (CVV), you should also be aware of every single symbol/information given on your card. You use the money which is present in your own account.Ĭredit Card– It is also a card issued by a bank or a non-banking financial institution, that allows you to borrow funds from them to pay for goods and services and in return they charge interest from you in case of non-payment or delayed payment.Īlso Read: Key Difference between Credit Cards and Debit Cards All You Need To Know About Credit Cardsįirstly, you must be aware of all the things that are mentioned on your credit card so that you can use it correctly when required. Before talking on how a credit card works, we should understand the difference between a debit card and a credit card –ĭebit Card– It is a plastic currency card that enables you to make payments either by withdrawing cash or by transferring the amount directly to the cardholder’s account without any interest. To the new users in the market, credit card and debit card might look similar to each other, but both the cards work very differently. On that note, credit cards can also help you build a good credit history if you follow healthy financial habits.ĭifference Between a Debit Cards & a Credit Card 
A credit card offers you the privilege to save money by offering you rewards against the money that you spend. From this, we mean that you can borrow the same amount repetitively upon paying the dues. It is not like a personal loan or a car loan in which you have installment loan accounts instead credit cards have revolving credit accounts.
#CARDWORKS CREDIT CARD PROCESSING FULL#
It can be used to make online and offline purchases and then pay the amount back to the card issuer company in full or in parts. A credit card, in a simple language, is a type of unsecured loan, in which the card issuer company agrees to offer you a credit limit.
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