Before taking the
plunge, aren’t you the least bit interested in learning more about the
bank card world? Unless you are a banker, there are probably many
things to learn regarding the industry. How card processing
came about, who processes the actual transaction, what influences
processing costs. These items will be covered in the next four chapters.
OUR LOVE AFFAIR WITH THE CREDIT CARD
You, me, and most every adult in the United States is in a
scandalous affair. With their credit card! What are the 5 key
benefits that attract consumers and merchants alike? How can
this knowledge help your sales efforts?
MERCHANTS AND CONSUMERS
There are only two types of people in the processing word.
Those who use credit cards and those who accept them. Many
times one person can be both! We will take a look at the
needs, concerns and issues of each, and see how one influences
HOW CARDS ARE PROCESSED
Our final topic of conversation is in introduction to how
payment cards are processed. We will track the dollars from
consumer to merchant, and demystify the process. Thus armed,
you will better understand the value which you will bring to
the merchant, from both a financial and service perspective.
iProcess - Knowing the Payment Industry
Chapter 11 - Transactions, Consumers, and Merchants
sale has five basic obstacles: no need, no money, no hurry, no desire,
Before we move onto interchange, it is important to understand
that the process explained previously is generally the same across the
way that payment processing can occur in today’s market.
Not all cards are ‘swiped’. The card data may be provided in
- Keyed-In Transactions (Non face-to-face activity)
Transactions such as these occur either over the phone or via an
internet-driven purchasing activity. Such examples are ordering a pizza
for delivery or visiting Amazon.com and making a purchase.
- Pin-Based Transactions Transactions . . .