The Merchant Processing Guru Tip#19: So who are all the players in the Credit card processing industry? – More than meets the eye!
First of all you have the “card issuers” who are in most cases the banks but there are many forms of cards which I will go over in another post here shortly. For our purposes in this post I will refer to the banks as the card issuers. Visa and MasterCard are the associations who are recognized as the entities who stand behind the credit cards that are issued by the banks and offer the fraud protection we all enjoy so much and any other benefit that they give us through the cards that carry their emblem. The banks issue a credit card, with either a Visa or MasterCard logo on it to the “cardholder” who then goes about using that card to purchase goods and services from “the merchant”.
The merchant needs to set up a merchant account in order to accept credit cards from the card holder. A merchant must be approved under Visa & MasterCard regulations to accept credit cards as a form of payment, this limits the risk to the cardholder and helps to create some regulation and prevent fraud. So far so good right? I haven’t told you anything you don’t know yet. In my next post I will explain about the players on the processing side of this industry which is a little more of an unknown.
Russell Harverson has over 6 years experience in the card processing industry and has build a reputation for “being there” for all his merchants! His goal is to provide you with the right, cost effective processing solution for your individual business needs, no matter how large, small or different, he has done it all. He is your Guru of the Merchant Processing industry, shedding light on the credit card processing industry. To contact him via email [email protected]
Or call him at: 1-888-368-GURU (4878)