How You Can Apply For A Credit Card So That You Can Do Online Transactions
Here are some guidelines that you can follow when you apply for a credit card and begin doing online transactions.
First things first. You need to have a bank or any financial organization. Choose a bank which is conducting on-line banking or is at ease with the internet. However, if you already have a bank where you have an account with, then you can use that bank as well. This is because banks that offer merchant accounts will usually check you out thoroughly.
You can avoid this if you have been doing business with a certain bank. There are times, though, when no bank or financial institution would allow you to set up an account. Then you would have to go to a broker. You don't have to look long online as that there are a lot of brokers offering to help you set up an account. But of course, you have to stay away from those "fly by night" brokers. Thus, you have to also conduct a background search before paying a broker. Brokers are not going to be your regular business partners. You will only value them during your application. These brokers usually earn from card-swipe machines percentage, application fee, or other upfront charges. What they'll do is find a bank and apply for you. The bank that they will choose will be one allows the use of someone's credit card history.
After setting up your account, you'll discover that the people who process credit card transactions are just contracted by the bank. Transaction clearinghouses are tasked to inform you whether you have a valid credit card or if the limit of your credit card is reached. Your payment to them is not direct.
Transaction clearinghouses can be contacted using three methods. You can connect with them through machines capable of card-swiping. Today, you will find these machines to almost all cash registers in all stores. They will swipe your credit card on these machines then enter the amount of the transaction. Once credit card is swiped, a message will be sent to the clearinghouses and they will then confirm whether the card is valid. Once it is valid, the customer will sign the receipt and the transaction is completed.
Another way is through desktop software. There are business establishments that don't need to see credit cards. They will just need some credit card information like account number and others through the phone, email and other internet media. The trader enters credit card numbers and the amounts of all transactions made using this software and this software will submit the list to the clearinghouse using a modem. This will be done once every two days. You will then receive a list of all good and bad credit card numbers from the clearinghouse. The merchant will then reply by accepting all the transactions done through the good credit cards.
There are real time websites which can be used to connect to this clearinghouses. These websites are capable of validating credit cards of customers who are still online. Or they use a special set-up by the Internet service provider. Still, others use Internet connections through a service bureau.
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