The newest technology in credit card processing involves what is called a “Shop Your Way Credit Card Payment.” It is a fancy name for what is basically an advanced form of “RFID” (Radio Frequency Identification) Identification. This three-digit number is issued to the customer before the transaction is processed. The customer fills in this three-digit number on a keypad, and a series of static recognition codes is read and interpreted by the machine.
If you have ever seen a bar or restaurant sign, or even the front door of a department store, then you have seen this technology at work. It basically consists of a transponder on a reader, which is located in close proximity to the customer. When a customer inserts a card number into the reader and presses the button to signify that they are authorized to make a purchase, the machine automatically recognizes the number from the onboard computer and performs the required credit card number validation. After the process is complete, the amount is debited from the customer's primary cardholders' account. This is done without the knowledge or consent of the primary cardholders, and the process is completed completely legally and ethically.
Basically, when a customer uses this new “Shop Your Way Credit Card Payment” service, all they need to do is enter their pin, which is a three-digit number. If they are using a newer Visa/MasterCard terminal, then the process is made even easier. These newer terminals already contain the required authorization information for the merchant. In addition, the transponder on the reader comes with built-in encryption that prevents it from being read by others. Therefore, even if someone knew the primary cardholder user id and password, if they knew the pin code, they would not be able to access the account.
The customer also has to have their personal user id and password to be able to shop this way. Usually, a person can remember their user id and password for a long time, but this does not always happen. Therefore, it is extremely important to memorize your user id and password. If lost, your user id and password will unlock your funds. If you store your financial information on your home computer, and you forgot your password, your financial information is also lost.
Many merchants are now offering this new payment feature as a way to reduce fraud. Fraud is a problem in the retail industry because it is easy for a fraudulent person to use your card and purchase items that are not available in your country. A lot of people have been the victim of these types of scams. It costs a lot of money to keep your items in stock and deliver them to your customers. With a credit card payment, you are able to reduce the risk of losing all of your funds due to fraudulent transactions.
A merchant account is a must have for any business that wishes to take advantage of the new way to shop. You will have to sign up with an online merchant account provider. This process is fairly simple and it does take about 3 business days to complete the application and then the approval for your merchant account.
Your customers will also be able to pay with their plastic instead of cash. When they complete the electronic transaction, your payment goes into your bank account. You do not need to have a PayPal account to process credit card payments. There are many different providers of this service so finding one that you like will not be difficult. Some of them even offer a PayPal option, which means you can receive your payment through your PayPal account. These companies usually charge a fee for this service.
To learn more about the latest ways to shop using your credit card, register for a free trial of an ecommerce website. In just a few hours, you can start using it to shop your way through credit cards and pay with virtual money! It will even let you shop your way through gift cards and checks as well. It does not get any easier than this. Take advantage of the latest ways to shop today!
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