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Avoiding College Credit Card Traps
Avoiding College Credit Card Traps Copyright 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt Congratulations college freshman! You’re about to embark on one of the most exciting times of your life. By now your parents,...
Building Credit and Stopping Creditors
Building your credit is a sure-fired solution for stopping creditors and collection agencies from nagging you every day. If you are attempting to reestablish your status in life, you must realize there is a bumpy road ahead.
Creditors are...
Credit Rewards Card Shark -- Rake in the Money
A good credit reward card can contribute to your retirement account, offer gas rebates, score theme-park or vacation tickets or take thousands off the price of your next auto purchase. Rewards at hotels, airlines, and retailers bring more to the...
Vital role of credit cards
Credit card processing is vital to operating any business in
today's society. A merchant account is the service provided by
processing banks in association with Visa, MasterCard, American
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What to Know When Getting Your First Credit Card
Credit card debt is way too easy to get into these days. It seems like every time I check my mail there is at least one or two pre-approved credit card applications. It doesn’t matter if you have good credit, bad credit, or no credit; they still...
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Credit Card E-Primer
According to evolt,credit card processing from website sales
involves two distinct subjects: the merchant account and the
processing mode.
Merchant Account: Merchant Accounts are not an account that you
open at the bank. They are granted by a bank and usually involve
at least two other entities, an ISO and the underwriter. An ISO
is usually someone from the local debt collection service who
certifies the risk involved in granting the MA. They look at the
operation itself and the history and assets of the applicant.
Frequently the ISO also is the Merchant Accounts administrator,
the one who pulls the plug and liquidates the merchant's assets
should things go wrong. The underwriter is usually a bank you
will not deal with directly. Their responsibility is with the
cardholders. They review the website, the operation, and the
ISO's report. The underwriter is the entity which actually
grants the account. Underwriters frequently request
non-negotiable cosmetic and even structural changes to websites
to protect the cardholder's interest. Merchant Accounts are
specific not only to the merchant but to the activity where they
are used. Conducting credit card sales in a manner not specified
in the MA is illegal and constitutes willful fraud. All revenues
from such sales are also illegal and will be refunded to the
cardholders, regardless of the cardholder's satisfaction with
the sale. As the merchant's expert in e-commerce the web
designer/developer can be held liable for those losses to the
merchant. Include a clause in your contract that states that the
client has the responsibility to approve and accept a website
that is not
in violation of their MA, and that the MA is in
compliance with all State and Federal banking regulations. Such
a statement should protect you from civil liability.
Processing Mode: This mode includes two steps which are as
follows
Offline Authorization: Most e-commerce sites use offline
authorization. In this scenario the details of the orders are
recorded on the web server, downloaded as a batch, authorized
through offline software as a batch, and then later captured
through the offline software in batches. Some banks and online
ISO will attempt to require ICVerify as a condition of their MA
since ICVerify has been a standard for many years. Offline
authorization can be a source of added value for the CGI capable
web designer.
Live-time Authorization: Live-time authorization should be used
for instantly deliverable sales, such as software downloads or
access to restricted areas on the website. Live-time
authorization for hard goods sales is an expensive option that
eliminates the need for offline processing software and
accomplishes the authorization stage automatically. Live-time
processing does not eliminate the need for a second capture
phase after shipment. Most live-time processing goes through a
third party. There are also dozens of independent parties that
offer this service. Some of these third parties also offer full
shopping carts services tied into the process.
About the author:
For more information on credit card
processing,please visit http://www.paynetsystems.com<
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