how does the credit card process works.?

Question

please if you dont know dont answer. and no dumb answer. i have this project to do and i dont any thing about it. and no im not talking about taking your credit card and swipping it in the thing

Answer 1

I am positive that you already have found answers on the internet. Have you not tried google.com, yahoo.com. Did you not type "how credit card process works there ??

Are you expecting to copy paste the answers I or anyone here provides to you as it would be without any ads/texts in between our answers unlike other internet sites... Come one, please don't expect to copy our answers and finish your project. LOL

I am with you, let me help you.. okay? .
http://en.wikipedia.org/wiki/Credit_card#How_they_work
Also
http://www.howstuffworks.com/credit-card.htm
after you have read that page, click the "Next button" which is located at the end of the page, it is kind of in between ads. Just incase you missed that link, here is that next page
http://money.howstuffworks.com/credit-card1.htm
then next
http://money.howstuffworks.com/credit-card2.htm

I am sure your teacher want's to see you as a Chief Executive Officer (CEO) of a Big Bank tomorrow. Have a go man or you might end of holding many many many credit cards and many many many bills every month....

eat credit cards, breath credit cards, walk credit cards, be interested in it, start loving it, and your project will come out just fine.

Answer 2

Hope this helps...

In a credit or debit card transaction, the merchant sends the details of the transaction to its bank (the acquiring bank), which relays the same information to the consumer’s bank (card issuing bank).

When the card issuing bank approves the payment to the acquiring bank during a transaction, it keeps a small percentage from the total cost. This is called the interchange fee (card issuers use this fee for operational undertakings such as fraud prevention measures, call center operations and innovative projects).

The funds are then transferred from the acquiring bank to the merchant account. Similar to the issuing bank, the acquiring bank deducts a small fee from the merchant – the merchant services fee – which covers things such as payment gateway use or POS technology and/or upgrades. The merchant services fee is settled upon by the merchant and his/her acquiring bank at the agreement of the merchant account.

Answer 3

First of all each credit card has a unique number(16 digits long), each number is assigned to a customer, and all that information is encoded to a magnetic stripe at the back of the card, when you pay at store your credit card is swiped(credit card reader), and all information from the magnet stripe is read by a computer and encrypted by a special key only known to a bank, and sent(card number,exp date,additional security data,transaction amount) to a bank network for authorization,if everything is okay then bank sends 'ok'(in codes) information back to the card processing terminal, and then the amount is billed to customers number. It's just description in few words(it's more complicated than that :) )

Answer 4

Well then what are you asking?

When you swipe your card, the magnetic strip passes along your credit card details and your name, as well as the amount of the transaction to the machine which then relays the lookup to their merchant provider. They reroute this to your credit card provider who either returns a value of 1 or 0, being yes, there are funds, accept the card, or no, there are no funds, please decline transaction.

This is passed from the merchant provider back to the machine at the checkout counter which will then tell you the outcome.

All of this happens in a matter of seconds.

Is that what you needed?

Answer 5

A. Unsecured debts such as credit cards, i.e. Visa, MasterCard, Discover, American Express,A. Department store and gas station charge cards, and secured loans such as home, auto, and boat loans, and student loans. Note that we do offer other programs to handle the elimination of secured debts.A. Unsecured debts have no collateral or secured interests attached, such as credit cards. Secured debts are attached to collateral such as auto loans and home mortgages. The credit card debt elimination process does not eliminate secured debts.
Once you begin the elimination process you cannot engage in any new obligations.he credit card companies commit fraud because they do not tell you there is no money. All commerce operates without real money. House Joint Resolution,Yes, you may receive phone calls. There is a limit to the number of times a debt collector can call.

Answer 6

I work at a processer.... you will give all of your information, it is sent to the card company for verification online, then denied/accepted. After this the card company will send a check to the merchant in the amt. that the transaction was for! GoOD LUCK!

Answer 7

you borrow money from CCC to make a purchase, and you promise to pay in full within 30 days. If you cannot pay in full, you pay them an interest fee for borrowing you the money for the purchase, usually an outlandish 18% or something similar.

Answer 8

you establish a credit line for using the card and paying your bill ontime

Answer 9

Yes I agree with the above

Answer 10

So glad that I found this topic already answered! It is like you've read my mind!