Source for credit cards
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Source for credit cards
Products Free
StuffSite
Map
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Electronic Draft Capture The small terminals or "readers" through which credit cards are "swiped" and from which sales drafts (receipts) are generated are performing the function of Electronic Draft Capture. These machines read the data encoded on the black magnetic strip visible on the reverse side of a credit card. Using this data, the terminal authorizes the card. Authorization involves verifying the validity of the card and ensuring that the available credit balance is sufficient to cover the purchase at hand. In addition to performing the authorization and sales draft printing functions, the Electronic Draft Capture terminal retains the information on all transactions made during a business day. At the end of the day that information is reconciled and transmitted to the merchant's bank for processing into the merchant's account. Normally this "point of sale" Electronic Draft Capture equipment is leased to the merchant by the Credit Card Processor firm with whom the merchant works. More Credit-Card Terms Explained |
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