|
SOME
OF THE TERMS ASSOCIATED WITH CREDIT
CARDS
The
following are some of the terms that are
associated with the credit cards.
Receipt: -When the word receipt is used
with credit cards it refers to a
document which will provide the record
of the transaction which happened at a
sale point. This term may also denote a
copy which is printable for a
transaction in which the card was not
present. This will contain information
on the following: buyer details, the
amount, date and the details of
transaction. Besides the receipt will
have a number for reference.
Recurring Bill: The term recurring bill
is associated with the transaction in
which the merchant will be given
permission to charge their debit card or
credit card periodically by the holder
of the card. The charge is for goods or
service which will be rendered by yearly
or monthly basis.
Reference Number: This number will be
associated with each of the transactions
and is for being identifiable for the
buyer, the merchant, other stakeholders
and the acquisition bank which are party
in the transaction. A statement on a
monthly basis will have this printed on
it. This will allow the holder of credit
card to differentiate between the
transactions if they wish or they will
have reason to raise the issues.
Refund: When a holder of debit card or
credit card has funds which are credited
to their account because of some mistake
or any other cause and will result in
crediting their account to provide a
comeback to the status quo.
Retail
Merchant: This term means a merchant
that will provide goods than services.
Merchant will be operating in the
section of consumer retail. The card
present will also be processed as pose
to the transactions in which the card
was not present.
Sales
Draft: This term means evidence in the
form of hard copy of the purchasing of
services or goods by the holder of the
card.
Secured Credit Cards: This term is used
to refer to the credit cards where in
businesses assets or a person is
transferable directly should they are
not able to honour the payment schedules
which are formulated. This is usually
done when a person possesses a poor
history of credit or he is not able for
passing a check credit or may pose
considerable risk to an organization
dealing with finance to be provided the
credit terms. The assets can be either
of the following: car, home or business
shares.
Service Charge: This can be said to be a
component in the pricing of financial
organisations. This is usually a
one-time charge rather than a yearly or
monthly basis. The charge is fixed.
Although there are arguments that the
service charge will result in lowered
costs in future. This is because you
need not accumulatively burden the cost.
Settlement: With credit cards this term
means the activity of selling and buying
which takes place in the market and will
be using credit cards for the
transactions. The companies issuing
cards, merchants, acquirers and the
processors all have a role. |
