What Is Credit Card Processing?
Credit card processing and credit card related transactions have become a very dominant part of our life. But as it is a dominant part of our life, some issues are affiliated with credit cards. Today in this answer, we will be handling some questions related to credit cards and their processing.
What Does It Means When We Say Credit Processing?
Now, most of us have used the credit card. The concept of credit was bought into existence to fasten the transaction process and avoid unnecessary visits to the bank. Using a credit card, you can make any sort of transaction very easily, and later at the end of the month, you are supposed to pay the bill to the bank of which you have the credit card.
The bills of the credit card are more than the actual amount you spent in the whole month. This is because the institutions, i.e. banks that provide credit cards charge some money on each transaction, and the amount can vary from transaction to transaction.
Credit card processing can be divided into different stages. The first stage is when the owner or user tries to make the transaction after purchasing the items. As the user makes the transaction, this forwards a request to the servers of the bank, and this forms the second stage of whole debit card processing.
How Is The Processing Worked Through Debts?
Now, whatever amount of material or items he/she has purchased gets added to his debt which he/she has to pay later at the end of the month. This is the last stage of credit card processing. Due to today’s fast internet world, all these three stages occur very fast, and we don’t even understand when the processing takes place. But at the same time, all these three stages should occur in sync and at the perfect timing. If any of this stage fails, then the processing will fail, and this can result in the failure of debit card processing.
Most of the card has the same dimensions, i.e. 85.60 by 53.98 millimeters, and the corners of the credit card are rounded with a radius of 2.88 to 3.48 mm. These standards are according to ISO/IEC 7810 ID-1 standards. The credit cards have a 16 digit credit card bank number embossed on them, and the embossing of the number is done according to ISO/IEC 7812 standards. The beginning numbers of cards are called BIN(Bank Identification Number), and it signifies the bank to which your credit card belongs.
These are the first six digits in Credit Cards. The remaining nine digits include the account number of the individual, and the last digit signifies the validity check code. Along with the credit card number, it also carries the expiring date of the card and some security codes.
If you want smooth processing of your credit card payment for your business, then you should definitely check out payment processing solutions from Quadrapay. We are operating with leading payment processors to offer you the best in class payment processing solutions round the clock.
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