Debit Credit Card Services
The Credit Card holder is empowered to spend wherever and whenever he wants with his Credit Card within the limits fixed by his bank. Credit Card is a post paid card. Debit Card, on the other hand, is a prepaid card with some stored value. Every time a person uses this card, the Internet Banking house gets money transferred to its account from the bank of the buyer. The buyers account is debited with the exact amount of purchases. An individual has to open an account with the issuing bank which gives debit card with a Personal Identification Number (PIN).
When he makes a purchase, he enters his PIN on shops PIN pad. When the card is slurped through the electronic terminal, it dials the acquiring bank system – either Master Card or VISA that validates the PIN and finds out from the issuing bank whether to accept or decline the transactions. The customer can never overspend because the system rejects any transaction which exceeds the balance in his account. The bank never faces a default because the amount spent is debited immediately from the customers account.
Debit and credit card processing key features and benefits
- Ability to accept all major credit and debit cards.
- Accept online debit and credit cards payments, also via the telephone, by mail order and fax.
- Electronic processing of transactions.
- Dedicated team for enquiries.
- Compact, easy to use terminals ready to plug in for immediate use, with an easy staff training feature and the ability to process chip and PIN transactions.
- You can process card transactions through your own card acceptance system, subject to approval.
Features and Benefits of Paying via Credit or Debit Card:
It’s convenient – taxpayers can e-file or paper- file early and make a payment by credit or debit card later, to delay out-of-pocket expenses. Payments can be made by phone, Internet or when e-filing.
It’s safe and secure – standard, commercial card networks are used. The IRS does not receive or store card numbers.
These electronic tax payment options are available through service providers.
There is a fee charged by service providers. Fees are based on the amount of the payment and may vary by service provider.
Payment information will not be disclosed for any reason other than processing the transaction authorized by the taxpayer.
A confirmation number is provided at the end of the phone or Internet transaction.
The “United States Treasury Tax Payment” is included on the card statement as further proof of payment. The convenience fee will be included on the statement as a “Tax Payment Convenience Fee” .
If enrolled in such a program, taxpayers may earn miles, points, rewards or money back from the credit card issuer.
A credit card is a plastic card with a magnetic strip containing data, and is a financial instrument allowing the holder for pay for goods or services on credit and in lieu of cash. While credit card companies provide the infrastructure to settle the transactions, the cards are issued by banks and increasingly by retail outlets and other consumer-oriented entities.Credit cards allow customers to buy goods and services immediately and then settle the bill for aggregated transactions at a later date. Debit cards, on the other hand, allow customers to buy using funds directly debited from their accounts.Visa and Mastercard are the two largest credit card companies worldwide. Both were originally formed by consortia of banks. American Express is both a credit card provider and a bank. JCB is popular in Japan and Diners Club is also a major worldwide provider.