Let Us Know About Credit Union Prepaid Card and Other Important Terminologies

Any business where there are products to sell and services to offer, there will be heavy transactions as well and for that the company will definitely require Credit Card or Credit Union Prepaid Card Processing. If you are running a business, it is important for you to learn some important terminologies related to this such as online payment processing, Visa Credit Card Processing Service for Credit Union, offline merchant services, PayPal, Online Ban

Let us start with Credit Card Payment. How a Credit Card does pays for any product? After the purchaser adds a product to the cart in an ecommerce website, he is redirected to a payment page where he is asked to select a mode of payment. To pay using Credit Card, he will have to click on credit card option and choose the type of credit card he uses. Options will be Mastercard, Visa and Maestro. After that, you will need to enter the card details and pay so that the seller receives the money for the product he is selling. This is how credit card payments are done and this is the basic foundation around which the whole existence of ecommerce business is based, choosing a product and paying for it online.

Let us know a few more payment processing techniques

PayPal: It is a website which allows the user to pay online in almost every popularly used currencies of the world. It only takes 10 minutes or your time to sign up at PayPal and once you have verified your bank account details, you are good to go. With an active PayPal account, one can buy anything from any website in the world without worrying about the currency, the seller is asking for. Of course, PayPal has a fee but it is minimal and totally worth it. PayPal also a charge a little percentage for currency conversion it does on any transaction.

Online Banking: Online Banking has almost all the features PayPal or Google Checkout provides; only online banking isn’t as flexible as PayPal when it comes to paying in a foreign currency. The processing fee is even lower than offline payment merchants and if you need to pay and receive money in your home country only, then online banking is the best option for you for money transaction for the business. Online Banking is an internal payment merchant and is provided by the bank whose account you use.

Author's Note

The Author is an investment banker who works with a leading international Bank. He has an experience of over a decade. He sometimes writes about Credit Union Prepaid Card and Visa Credit Card Processing Service for Credit Union.