The picture below shows how credit card transactions are carried out. Summarize the information by selecting and reporting the main features, and make comparisons where relevant. 1 Customer gives the credit card to the merchant at the time of payment Merchant swipes the Credit Card at the electronic machine at his outlet and returns the card to the customer after the successful transaction at his credit card terminal 2 Verification Credit Card Company 5 Authorisation 3 Verification 4 Authorisation Credit Card Issuing Bank 6 Payment transferred to the merchant's bank after deducting transaction charges Merchant's bank after receiving money, transfers the same to the merchant's bank account 7
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The customer gives their credit card to the merchant at the time of payment. Show more…
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The following statements appear on the customer agreement for obtaining a credit card. Statement 1. A transaction finance charge is a charge made if a new advance is added to your account. Statement $2 .$ If you go over your credit limit, you will be charged a fee. Statement 3. A supercheck is a check designed for use with your credit card account. Statement 4. If you are charged a fee, the fee will be added to your new balance. Statement $5 .$ If your card is lost or stolen, you agree to report it immediately. What words do they define?
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The following statements appear on the customer agreement for obtaining a credit card. Statement 1. A transaction finance charge is a charge made if a new advance is added to your account. Statement $2 .$ If you go over your credit limit, you will be charged a fee. Statement 3. A supercheck is a check designed for use with your credit card account. Statement 4. If you are charged a fee, the fee will be added to your new balance. Statement $5 .$ If your card is lost or stolen, you agree to report it immediately. Which of these statements are definitions?
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