All about ATM, Debit Card, Credit Card and Merchant Account
Nobody wants to wait into long queue to withdraw money
. This is the advanced world and the age of ATM and electronic cheques in the form of debit card and credit card. You need not to carry cash anymore. The banks provide ATM cum debit card. Automated teller machines are installed at place to place. You can withdraw money 24 hours from this machine after swapping your card. Banks and credit unions also issue credit card which users can used to make payment at stores that have credit card payment terminal and merchant account. Let us known about these neo-payment and neo-banking options:
Automated Teller Machine (ATM): An Automated teller machine is also known as automated banking machine, cash point or cash machine. It is electronic banker that delivers cash to us public spaces after we submit our electronic cheque (ATM card). When we swap ATM card in the machine, it reads the information about the account from the information fed into the magnetic stripe and ask for personal identification number PIN to deliver the money. You can withdraw cash from ATM of any bank as they are interconnected.
Debit Card: Debit card is the electronic cheque in the form of small plastic card containing information about your account in the magnetic stripe of the card. It is alternative payment option. You can make payment at the stores having Merchant Accounts for card payment options.
Credit Card: It is also a small plastic that you can use for making payment. But it is different that credit card. In debit card you can purchase stuffs only when you have cash in the account, but credit card is a type of small loan. You get the loan from the bank or the union that issue you the card. You can make payment with credit card to some extent and have to pay the amount before the due date. In this you are required to pay the interest.
Merchant Account: A merchant account is the type of bank account that allows the businessman to accept card payment both debit payment and credit payment. It is basically agreement between three parties to settle the transaction. It is agreement between the retailer who accept the card, merchant bank and the processor of the card to make the payment. The businessmen who offer card payment provide Merchant Service to facilitate customers.
This is all about the virtual money and virtual payment mode. Now, so be trendy and get the ease in making payment and withdrawing cash from your account.
All about ATM, Debit Card, Credit Card and Merchant Account