Credit Card Processing

It comes as a surprise how credit-cards have found their way into our lives (and out wallet). Credit cards have gradually turned into becoming an essential (rather than luxury).

You can find credit-card processing machines in almost all the shops today. With the advent of internet, online credit-card processing has become popular too. 'Credit card processing' as such is a really interesting topic.

This article tries to put into perspective the people, systems and the equipment that go into credit-card processing. First, let us check the equipments used for a credit-card processing. So, there are credit-card processing softwares for online credit-card processing, there are credit-card processing machines (e.

g. the credit-card reading machines at shops), there are data verification/validation devices/softwares that verify the security information on credit-cards, there are communication devices/systems that enable safe transfer of credit-card information from one point to another, and then there are other credit card processing equipments like the credit-card processing equipment that is used for the preparation of the actual plastic (credit-card). Then there are various service providers that provide services related to credit-card processing.

There are suppliers for a credit card processing equipment and suppliers for online credit-card processing services. Then there are postal and courier service that help deliver credit-card bills in time. There are merchants/petrol-bunks etc which provide facility of payment collection boxes at their premises (another essential aspect of credit-card processing).

Besides that there are complete systems for processing credit-card applications, there are systems for a credit-card bill processing/generation, there will be somebody at call centers who help in addressing the queries from credit card holders and, essentially, you can oftentimes find someone (sales representatives) who help you in filling the application forms.

Another essential entity with regards to 'credit-card processing' process is the credit rating bureaus. Credit card bureaus maintain a database of credit ratings for individuals and businesses.

This rating is based on the data received from various credit providers over a period of time. This rating is the most essential part of credit-card application processing and a bad rating can lead to rejection of the credit-card application altogether. Thus, credit-card processing involves a coordinated effort from a lot of professionals and service providers.

In that sense, we can also say that credit card processing is an industry in itself that has generated a lot of employment.


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