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Mobile Credit Card Processing

by EciStore

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A credit card is a payment card issued to a cardholder who will allow the holder to purchase goods or services with a promise to pay for them. In order to obtain a credit card, an individual has to submit data about himself/herself to the issuer of the card. Once the data has been submitted, the issuer checks and verifies the data before a credit card is granted. Today measures are being taken to ensure the security of the cardholder. Credit card processing today has to do with making the credit card EMV compliant. EMV stands for Europay, MasterCard and Visa which is a global standard for inter-operation of integrated circuit card (IC card or “chip Cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATM) for authenticating credit and debit transactions. Changes are being implemented in the processing of credit and debit cards.    Merchants were used to swiping a magnetic strip card through a terminal to get an approval for a transaction but after October 1, 2015, merchants in the United States will need to process all credit card transactions by inserting the card in a terminal which will prompt the cardholder to enter a PIN code to protect themselves from chargebacks. The goal of this new standard is to protect the cardholder from fraudulent activity which involves the information of the cardholder. In many countries across the world, credit and debit card payment networks have implemented a new scheme which is liability shift. It used to be that the card issuer was held liable for fraudulent activities against the cardholder but with the implementation of this new scheme, the owners of the ATM or POS who do not support EMV will be held liable for any untoward event.

Now if you own a business that moves around, you may have several options that will allow you to swipe credit cards and in some cases accept pin-based debit cards which will allow you to save money. Should you have a mobile business, you can choose to purchase a mobile terminal. These terminals make use of the latest technology and will function in any area that has a mobile phone reception. Should you have a smartphone, you may turn it into a mobile credit card terminal. This may be done by downloading a payment application to the iPhone, Blackberry, Android and Windows based phone and purchasing a cheap card reader and a receipt printer, you may now have the convenience of accepting credit cards of your customers without having to pay much. Mobile credit card processing takes into consideration the type of terminals for your mobile business.


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