The credit card processing industry has been in the forefront in adopting new technology. Credit card processing is mainly done through electronic processing. The credit card associations and companies have laid down policies and procedures for credit card processing. The system of processing credit cards is very complex as it involves processing transactions hypothetically throughout the payment process system. Usual credit card transaction in involve the following participants: the customer, merchants, payment gateway, acquiring banks processor, credit card interchange, customer’s credit card issuer, and merchant acquiring bank. The settlement for the credit card interchange institutions is done electronically. The computerized transaction settlement systems are used to make payments to the credit card interchange institutions. Today, the main credit card interchanges include MasterCard and Visa .MasterCard and Visa have agents all over the world that persuade merchants to accept transactions using their cards. When a customer makes a purchase at the point of sale, the merchant forwards the transaction at the end of the day to the merchant’s bank. The merchant’s bank pays the merchant for the purchase after deducting a fixed fee before forwarding the purchase to MasterCard or Visa. After receiving the transaction money, MasterCard or Visa forwards the transaction charge to the credit card issuer. The credit card issuer then makes payment of a fixed fee to MasterCard or Visa. MasterCard or Visa then makes payment to the merchant bank. MasterCard or Visa collects fees for both the card issuer and the merchant bank. Then the issuer of the card charges the customer for the amount of purchases made. The card holder finally pays the bank a minimum amount at an interest or pays the whole amount. The credit card processing system uses point of sale electronic authorization, which has replaced the traditional paper work and telephone costs. The electronic data capture used in credit card transaction today has helped the banks to process and accept transactions much faster. The retail systems in the supermarkets and major hotels have been changed in order to fit the changing needs of using credit cards. The main advantage of using a credit card for the customer is that it is convenient. One disadvantage is that the customer is most likely to fall into a debt that will not be easy to get out of. The whole of the credit card processing system is based on trust. Today, the credit card processing industry has been marred with fraud. The credit card processors have come up with tools to help merchants to identify fraud. These tools are web based and used by merchants to avoid scam. Model relationships capture system for the transactions will affect the customer’s loyalty of using credit cards. The model relationship capture is used to determine risk of issuing a credit card in the future. The credit card scoring points will assess the future business opportunity. The economic crisis has hit the credit card industry so hard that many customers are opting not to use credit cards. Many credit card holders have submerged in the credit card debts and are opting to use debit cards instead of credit cards. Following these dwindling fortunes, the credit card processing industry has to improve their operations in order to maintain customers in the future .The
Instructor Date A Case study of the Credit Card Processing Industry The credit card processing industry started in 1914 when a company known as Western Union issued a card known as metal plate to their workers in lieu of a check. The first credit card in a bank was issued by John Biggins, a banker from Brooklyn…
Online payments have been gaining greater impetus in the recent years. Along with this fact, it has also been observed that e-commerce is also rapidly gaining huge popularity. Although the traditional modes of payments such as cash and cheque are still in use, however the modern methods of payments has become more well-liked.
This is a clear indication that the production and planning and supply chain of the company has been quite inefficient (Leeman, 100). The production line of Meditech has been behind schedule due to underestimation in sales, and this has led to a drop in its finished goods (FG) inventory.
There are various issues like insufficient data of the new trainees hired by Robins, missing training manuals, and mismanagement in the preparations of upcoming orientation. A thorough analysis of the situation reveals that the problems are far deeper than it seems, and the overall mechanism of ABC Inc.
Zhixiong Chen ----- Department of Mathematics and Computer Information Science School of Liberal Arts Acknowledgements This dissertation would not have been possible without the guidance and the help of several individuals who in one way or another contributed and extended their valuable assistance in the preparation and completion of this study.
They also made similar acquisitions in France and Italy and these acquisitions were particularly targeted as credible organisations. It became relatively easier to effectively operate in the industry since there was a clearly defined network of distribution channels.
Enron’s expansion and eventual collapse was therefore initiated by its management and facilitated by its recruitment strategy and selected employees. The most appropriate solution to the problem would therefore be application of a recruitment agency that is independent from management.
k investigation as follows: preparation, ensuring that the occurrence is an outbreak, verifying the diagnosis, setting the definition of a working case, finding cases systematically, recording data, perform descriptive epidemiology, developing hypotheses, evaluating hypotheses
Lenovo is a US$21 billion personal technology company... We have more than 26,000 employees in more than 60 countries serving customers in more than 160 countries… We are defining a new way of