This is a kind of payment process related through cards. With these credit cards the card holders are going to pay for the goods and services based on the card holder’s promise for how to pay for them. The process of issuing these cards usually being generated by the bank with creating a resolving account. This is being granted with a line of credit to the card holder.
How is it useful:-
Through this the card holder can borrow money for payment to any merchant or at any place with money in advance. As being distinct from the charge cards, this will help with repayment of the amount and can be reverted back with repayment in full each and every month. This is also going to permit the consumers with a continuing balance of debt, subject to interest which is being charged. Differentiated from the cash card, this involves a third party that will pay the seller and can get reimbursed by the buyers. On the card is imprinter the bank card number and is loaded with magnetic strip reader that is swiped for further usage.
These credit cards are being issued by the finance companies that issue the credit card to the customers at the time or even after the approval of the accounts by the credit providers. This does not need the entry of the same card issuer and the card holders can use them to make purchases at merchants accepting the cards. At the time of purchase of these cards the cardholder does agrees to make a payment to the users. The card holders indicate consent to pay by signing a receipt with a record of the card details and does indicate the amount that is necessarily being paid with entering the personal identification number. The merchants can accept these numbers with a systematic process to accept the money in the form of cash directly from the source finance organization. The process is generated with electronic verification method. This would permit every merchant for the verification in just some seconds. The card is valid with the card holder containing sufficient credits to cover the purchase. There is need for verification to happen at the time of purchase. This is being generated by the POS system through communication with the linking process.
This is a convenient process that would not put the customer with the trouble of carrying the cash every time. You can have a perfect record of the money being transacted every time.