The first American Express credit card was issued in the 50’ of the XXth century. Today very few of us can imagine shopping without a credit card. We choose it, because it’s safer, because you don’t need to search for an ATM, because it’s simply more convenient.
American Express cards, among Visa, MasterCard, Diners Club and JCB, remain one of the most popular in the world. But how to choose the best card from all those offers without getting a headache and feeling dizzy?
Let’s take a look what one of those most popular credit card brands can offer.
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Since 25th October for the first time in Hungary and the first time in Europe, mobile phones are enabled to be used as MasterCard payment cards. A month ago Google launched in the United States (only!) a virtual mobile wallet called “Google Mobile” and now MasterCard Mobile is to be launched in Hungary (EU), just for a good start.
MasterCard chose Cellum, Hungary’s fast-growing developer of mobile payment solutions, to integrate bank cards into handsets.
Mobile phones will no longer be limited to offering voice, image and text transmission services only; from now on they will be able to transfer money as well.
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Setting up a merchant account is above all about business possibilities. If you’re serious about your ventures, you can’t run an online shop nor accept card payments on your website without having it. Don’t cut corners, do it right!
What in Lord’s name is
a merchant account?
It’s a separate bank account or rather a line of credit to a merchant that allows business to accept online payments, meaning money from online transactions. This account is established under an agreement between a merchant and an acquiring bank for settlement of all transactions processed on your website.
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Are you currently setting up your website for your new online store and would like to make it safe, legible for your customers and compliant to the rules of financial institutions involved, such as credit card companies? There are some best practice rules ready for you…
Here are the rules you MUST follow…
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CVV2, CVC2, or just the card security code (CSC), are different names for the security features for credit and debit card transactions. CVV2 provides increased protection against credit card fraud.
How it works?
Imagine that you’re buying something over the Internet, fax, mail or phone. Since you’re not present in person, such transactions are called “card not present transactions”. Normally, you give your card to a merchant. You take it out of your wallet, you can present your signature or prove that you know the PIN. Somehow you prove this card belongs to you. Everything goes well…
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When applying for a merchant account, you’ll be asked to fill out a merchant application. The application is typically standard across most merchant service providers with regard to the information collected on the application.
In addition to the application, you’ll be required to provide support materials as they relate to the business and owners. Required merchant account support documents are as follows:
- Business organization documentation
- Business articles of incorporation
- Or Non-Profit documentation
- Or Sole Trader documentation
- Company Directors’ proof of identity
- Voided business check
- Business or applicant financial documentation
- Previous processing statements
- Or business banking statements
- Or owner(s) personal banking statements
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I’ve just found an interesting web-based application – BillGuard. It scans your credit cards daily, alerting you to hidden fees, billing errors, misleading subscriptions, scams and fraud.
Sounds interesting, doesn’t it?
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What’s your first thought when you hear “3-D Secure”? Well, unfortunately, I have to disappoint you – it has nothing in common with three-dimensional world. 3-D Secure adds another security layer to online payments.
This authentication method is based on a three domain model (that’s why it’s called 3-D). These three domains are:
- acquirer domain (the merchant and the bank which gets money)
- issuer domain (the bank which issued the card)
- interoperability domain (the service provided by the credit card company, Visa, MasterCard, etc.)
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Acquirer (also known as an acquiring bank or merchant bank). A financial institution and a member of a card association licensed with credit card companies. Best known card associations are Visa, MasterCard, American Express, JCB, Diners Club, China UnionPay.
Acquirer is a bank that accepts or acquires performed transactions with a use of credit and debit cards issued by all banks within the card association scheme.
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