subject: The Use of Credit Card Processing [print this page] The Use of Credit Card Processing The Use of Credit Card Processing
Nearly all SMEs (Small and Medium Enterprises) will know now that there is a huge demand from customers for credit / debit card processing devices, and since Chip and PIN technology came about retailers without the appropriate card processing terminals have lost out on important business. The credit card is going to turn into the payment processing selection of the people before you know it and it's occurring already.
Exactly what has prompted Card Processing to grow to be so popular?
It's pretty much due to its convenience and ease, but you will find other factors influencing the improvement of debit / credit card processing right now. Not least among these things is of course the abolition of the cheque guarantee card and the pending abolition of the personal cheque. These matters have forced those who would usually pay by cheque into seeking other options, and without the ready supply of cash, a credit / debit card works wonderfully as it's easier than a cheque and the funds are transferred from an individual's bank account straight to the merchant in much less time.
Safety is another aspect that attracts consumers to using credit / debit cards. It's considerably easier and safer to carry a card and pay for goods and services instead of risk carrying considerable amounts of cash that might get stolen and not replaced. You could possibly say that the same thing may happen with a debit / credit card, however the credit / debit card has a lot more measures positioned to prevent its fraudulent use. Also, should your debit / credit card be stolen and somehow used fraudulently, the banks possess a system in place to refund you for monies lost.
Low theft risk wit Card Processing
If you happen to take your credit / debit card out with you and buy goods or services in card processing machines then all you need is your PIN number. Chip and PIN machines can offer the greatest security for the reason that the customer can't use the card unless they know the 4 digit PIN number; this is needless to say the same at cash terminals. Online card processing is a little different, but of course you will still need to know the address of the card owner, their name and any passwords that may exist from the security feature Verified by Visa. This feature on Visa debit cards has decreased online web payment fraud drastically.
What about Credit Card Processing?
So what exactly happens given that you have a card which is capable of going from shop to shop spending up to ?10 on services and goods that does not require a PIN number? There are issues here only if you don't realise you have lost your debit / credit card or had it stolen. If this is the case then essentially anyone could easily get hold of your card and go from retailer to retailer buying things. The main deterrent to fraud with contactless technology at this time is that occasionally a retailer may be required to do a full transaction when using the Chip and PIN machine in order to verify the card users identity etc.
Brief summary
Either way, whether it's with contactless debit cards or standard credit cards to use in Chip and PIN card processing devices, the retail world, along with debit and credit card processing are moving towards a future where the use of plastic payments stands out as the normal thing to do.
