4. Approve or Decline. Once the data is transmitted, the credit card issuer can approve or decline the transaction. This is based on the validity of the card, the transaction, as well as the cardholder’s available funds. 5. Responding. If the transaction is approved, the processor and the merchant receive an authorization response. 6. Completing the Transaction. The merchant completes the transaction. 7. Submitting a Batch Closure. The merchant completes the credit card payment process at the end of the day with a batch closure. This closes out the transactions that have been processed on that day. The processor’s acquiring bank then collects the funds from the credit card issuers. 8. Depositing the Funds. The processor’s acquiring bank then deposits the funds into the merchant’s business account. This typically takes up to 48 hours. 17. Why is Bitcoin so controversial? It has no purchase history, origin, and can be used without any complete information,with complete anonymity. Bitcoin is nothing but cryptocurrency or can also be called digital currency. The rules of cryptography for regulating and generating of units of currency are used in this currency. Bitcoins are the most priceless among all cryptocurrency. It is also generally called a decentralized digital currency. Many countries including India do not recognize Bitcoins as a legal tender. On the other hand, major economies like the US, China, Japan, etc. have shown this currency a green flag. This territorial conflict puts this currency under the dark clouds of doubt. Moreover, no country can deny the fact that this currency can be used more conveniently in a number of criminal activities including hacking.
18. What is NFC and how does it work? Near Field Communication (NFC) is used to share information between devices by using a set wireless technology present within a short-range of 50mm or 2 inches.A NFC connection requires two units. One is the initiator which is the powered unit, and the other is the unpowered unit, which is the target and responds to the requestsfrom the initiator. Readers, tags, key fobs, or stickers can be NFC targets. 19. Discuss why EBPP systems are becoming increasingly popular. EBPP (electronic billing presentment and payment) systems are becoming increasingly popular because of the substantial cost savings that will occur if online billing becomes the norm. The savings in postage, processing, and improved cash flow can be astounding, ranging from 10 cents to $1.50 per invoice. Furthermore, online bills can be used as a sales opportunity, providing many options for marketing and promotion such as offering rebates, and savings offers on the Web. Consumers can save time as it enables quick payment 20. How are the main types of EBPP systems both alike and different from each other? The two main types of EBPP are billed-direct and consolidated. Both methods are the convenience for consumers and make possible to make the payments easier and faster. However, in the consolidated method, the relation with the consumer is practically inexistent, and the information is normally shared with third parties. The billed-direct method has big maintenance costs for the billers.
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- Winter '20
- Credit card, Public-key cryptography, Pretty Good Privacy, GNU Privacy Guard