Posted on March 24, 2019March 25, 2019 by Understanding MasterCard and How MasterCard Work
Understanding MasterCard and How MasterCard Work
A Key feature of the MasterCard is that, regardless of the issuing financial institution or the type of card, customers can use them at any company that accepts credit or debit cards.The company makes transactions (purchase or sale, transfer of funds) more convenient for the client, because it reduces the stress of identifying with a particular financial institution so that consumers can make transactions every day, in any place, as long as they exist. ”
The cards are available for individual customers, as well as for small, medium and large companies with different needs and credit history.
Understanding MasterCard and How MasterCard Work
WHAT IS A MASTERCARD?
MasterCard Incorporated is a US international financial corporation that works with financial institutions when issuing credit cards. The company’s main activity worldwide is the processing of payments between merchant banks and card issuing banks or buyers of credit unions that use brand credit and debit cards to make purchases.
The company is a company that has been listed on the stock exchange since 2006. The company does not issue credit cards directly; Trust banks in different countries that issue credit cards using these payment methods. Therefore, interest rates, premiums, annual fees and all other fees are issued by financial institutions and, therefore, all invoices paid go directly to the issuing financial institution.
Understanding MasterCard and How MasterCard Work
HOW DOES THE MASTERCARD WORK?
NOTE: MasterCard is not a problem or a buyer; The role of the corporation is to provide technologies and networks that enhance transactions.
When the customer purchases goods/services from the seller, for example, Amazon, the customer pays with a credit or debit card, the point-of-sale system captures the client’s account information and sends it securely to the bank, the authorization It is obtained from the customer’s bank.
Authorization required: MasterCard transfers the transaction to the issuer for authorization, the authorization of the transaction is issued by the issuing bank and the response is sent to the seller.
Payment of the seller: – The issuing bank transfers the payment to the buyer of the merchant who pays the payment to the seller’s account. The notification is sent to your email account because transactions are made.
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