It’s amazing how credit cards have made their way into our lives (and our wallets). Credit cards have gradually become a necessity (rather than a luxury). Today, you can find credit card processors in almost any store. With the advent of the Internet, online credit card processing has also become popular. Credit card processing” is a very interesting topic in itself. This article attempts to analyze the people, systems and equipment used in credit card processing.
First, let’s examine the devices used for credit card processing. So, there is credit card processing software for online credit card processing, there are credit card processing machines (i.e. credit card readers in stores), there is data verification/validation equipment/software that validates credit card security information, there is communication equipment/systems that enable secure transfer of credit card information from one point to another, and then there are other credit card processing devices such as those used to prepare the actual plastic (credit card) processing equipment.
Then, there are various service providers that offer services related to credit card processing. There are providers of credit card processing equipment and providers of online credit card processing services. Then there are postal and courier services that help in the timely delivery of credit card bills. There are also merchants/gas stations etc. that provide collection box facilities at their premises (another important aspect of credit card processing).
In addition to this, there are complete systems for processing credit card applications, credit card bill processing/generation systems, call centers with people to help with credit card holder queries and, very importantly, people (sales representatives) to help you fill out credit card application forms. Another important entity associated with the “credit card processing” process is the credit rating bureaus. The credit card bureaus maintain a database of credit ratings for individuals and businesses. This rating is based on data received from various credit providers over a period of time. This rating is the most important part of credit card application processing, and a poor rating can result in a complete rejection of a credit card application.
Therefore, credit card processing involves the coordinated efforts of many professionals and service providers. In this sense, we can also say that credit card processing itself is an industry that creates a lot of jobs.