Credit card is basically a payment card issued to users also called cardholders as a way of payment. people are using different kind of currency from time to time like way back in history people simply use barter system to get something like if a person want something to buy he have to give something in return like a bag of grain for a chicken but as time passed humans begin to use some form of currency like precious metals like gold and silver or in some civilizations some precious seeds. It was a simple form of payment in some small country or a city state like we have in middle ages but as the world population grows and these city states become countries so much gold in peoples hand become a risk to that particular country because the government can’t control the money or we say gold or silver.
What happened in the past?
In that point governments become clever and start thinking how to control this currency problem the answer was pare money which are we still using actually these paper money are actually just a bill that tell us that we have the amount of gold in state bank but we just got a bill in our hands that tell proves it because this bill is printed by the state bank. In 60s and 70s when people or we can say common people becoming so much rich and they can’t just take bundles of money to buy something expensive because of security reason banks start to invent a chip card that has some data of our bank account and bank itself this was all done thanks to evaluation in computer technology and beginning of digital age.First data is one of the best way to get an idea about the credit card processing.
These smart card hold the information of our bank account but with this invention we also manage to invent a processing unit a processing unit is basically a bank clerk that do our transactions but this clerk is in the form of processing machines that we see every day in every shop.
Credit card processing:
Credit card processing is a key component in the credit card industry these machines work like a small bank or a clerk sitting in a desk of bank. These machines do various tasks for us like read information from our card and check our account. Then pay this person from whom you buy goods by putting money in his account.