Online Credit Card Customers can access a wealth of information, readily available on the Internet. He is only required to browse through the Internet. It functions like a one-spot-shop to them where they can get information, apply for it, get it processed and also compare between all the best credit card options. There are many online credit card websites which give terminological descriptions, comparative analysis of cards and information related to credit cards such as annual percentage rates of cards, rebates, cost and fees structure, bad credit card, etc.
In case of applying for a online credit card, the customer needs to fill up the online application form of the card issuing company and submit it online. After this, the company verifies the information for issuing a credit card to the customer. Generally, it has been observed that after getting the online application form, the concerned company calls up the customer and intimates him about the processing time of the card.
Online credit card processing is done in two ways :
Real time credit card processing where the information after swiping the card in the terminal is transported through the Internet to the main processing unit. This gets verified and in turn the result is forwarded back to the merchant. Now, the decision of accepting or rejecting the credit card lies with the business owner. This whole process is instantaneous .
Online Credit Card Processing has another variant called E-commerce ASP service where the online processing is done through a third party processor for verification of the card. In this system, the sensitive information like credit card number is encrypted in the terminal , thus ensuring the secured passage of information between the customer and the merchant. This system is also known as Payment Gateway.
Therefore online credit card processing gives the extra mileage for remaining ahead in this market.
Online credit card is available for new and small businesses too. This helps these entrepreneurs to access required fund for starting and running their business. The fastness of the online credit card helps businesses in rapid decision making.
Customers prefer online credit card for its convenience, easy accessibility and fastness by utilizing technological mileage.
With the increase in the number of e-commerce websites, credit cards have become a must-have for almost everyone. Websites such as eBay or Amazon have successfully demonstrated the power of migrating businesses to the net. This has not only generated a wave of businesses being migrated to the net, but has also created a huge demand for credit cards.
Though hacking, phishing and other malicious attempts have discouraged users from shopping online, counter strategies such as encryption and SSL have reinstated the belief. Credit cards have been made a lot more secure with features such as $0 liability, theft protection and virtual card number that expire after every transaction.
Online management of credit cards has also added more attraction to credit cards. One can: