Basic HTML version of Foils prepared July 6 99

Foil 32 Traditional Credit Card Transaction (1)

From Security Infrastructure fo Electronic Commerce and Internet CPS714 Computational Science Information Track -- June 2 and June 7 99. by Roman Markowski
1 How credit card transaction work ?
2 How it is being mapped into the Web ?
  • (1) Before you can accept credit cards you need a merchant account from a financial institution (acquiring bank, merchant bank - determines what type of credit cards you can accept)
  • (2) The issuing bank (client's bank), represents a client in the transaction (offers a client credit in the form of the plastic card)
  • (3) The processing network : for example Verifone credit card readers in stores and supermarkets
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