CREDIT CARD IMPRINTER
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Merchant accountA merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, payment service provider, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement and can act as middle man between the merchant and the bank. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. A high-risk merchant account is a business account or merchant account that allows the business to accept online payments though they are considered to be of high-risk nature by the banks and credit card processors. They will typically pay higher transactions fees if they are accepted at all. The industries that possess this account are adult industry, travel, Forex trading business, gambling, and multilevel marketing businesses. "High-Risk" is the term that is used by the acquiring banks to signify industries or merchants that are involved with the higher financial risk.
ImprinterAn imprinter may mean: Credit card imprinter, a mechanical device for transfer of payment card details to paper Imprinter (Dune), a type of fictional character in Frank Herbert's Dune universe
Payment terminalA payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad (called a PINpad) for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization. A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information. They are often connected to point of sale systems so that payment amounts and confirmation of payment can be transferred automatically to the merchant's retail management system. Terminals can also be used in stand alone mode, where the merchant keys the amount into the terminal before the customer present their card and personal identification number (PIN). The majority of card terminals today transmit data over cellular network connections and Wi-Fi. Legacy terminals communicate over standard telephone line or Ethernet connections. Some also have the ability to cache transactional data to be transmitted to the payment processor when a connection becomes available; the major drawback to this is that immediate authorization is not available at the time the card was processed, which can subsequently result in failed payments. Wireless terminals transmit card data using Bluetooth, Wi-Fi, cellular, or even satellite networks in remote areas and onboard airplanes. Prior to the development of payment terminals, merchants would capture card information manually using ZipZap machines. The development of payment terminals was led by the advantage of efficiency by decreased transaction processing times and immediate authorisation of payments. In terms of security, terminals provide end to end card data encryption and auditing functions. Nevertheless, there have been some cases of POS pin pad malware. There have also been incidence of skimming at card terminals and this led to the move away from using the magnetic strip to instead capturing information using EMV standards.
Credit card fraudCredit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The Payment Card Industry Data Security Standard (PCI DSS) is the data security standard created to help financial institutions process card payments securely and reduce card fraud. Credit card fraud can be authorised, where the genuine customer themselves processes payment to another account which is controlled by a criminal, or unauthorised, where the account holder does not provide authorisation for the payment to proceed and the transaction is carried out by a third party. In 2018, unauthorised financial fraud losses across payment cards and remote banking totalled £844.8 million in the United Kingdom. Whereas banks and card companies prevented £1.66 billion in unauthorised fraud in 2018. That is the equivalent to £2 in every £3 of attempted fraud being stopped. Credit card fraud can occur when unauthorized users gain access to an individual's credit card information in order to make purchases, other transactions, or open new accounts. A few examples of credit card fraud include account takeover fraud, new account fraud, cloned cards, and cards-not-present schemes. This unauthorized access occurs through phishing, skimming, and information sharing by a user, oftentimes unknowingly. However, this type of fraud can be detected through means of artificial intelligence and machine learning as well as prevented by issuers, institutions, and individual cardholders. According to a 2021 annual report, about 50% of all Americans have experienced a fraudulent charge on their credit or debit cards, and more than one in three credit or debit card holders have experienced fraud multiple times. This amounts to 127 million people in the US that have been victims of credit card theft at least once. Regulators, card providers and banks take considerable time and effort to collaborate with investigators worldwide with the goal of ensuring fraudsters are not successful. Cardholders' money is usually protected from scammers with regulations that make the card provider and bank accountable. The technology and security measures behind credit cards are continuously advancing, adding barriers for fraudsters attempting to steal money.
Credit cardA credit card (or charge card) is a payment card, usually issued by a bank, allowing its users to purchase goods or services, or withdraw cash, on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world. A regular credit card differs from a charge card, which requires the balance to be repaid in full each month, or at the end of each statement cycle. In contrast, credit cards allow consumers to build a continuing balance of debt, subject to interest being charged at a specific rate. A credit card also differs from a charge card in that a credit card typically involves a third-party entity that pays the seller, and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. A credit card also differs from a debit card, which can be used like currency by the owner of the card. As of June 2018, there were 7.753 billion credit cards in the world. In 2020, there were 1.09 billion credit cards in circulation in the United States, and 72.5% of adults (187.3 million) in the country had at least one credit card.
Card security codeA card security code (CSC; also known as CVC, CVV, or several other names) is a series of numbers that, in addition to the bank card number, is printed (but not embossed) on a credit or debit card. The CSC is used as a security feature for card not present transactions, where a personal identification number (PIN) cannot be manually entered by the cardholder (as they would during point-of-sale or card present transactions). It was instituted to reduce the incidence of credit card fraud. Unlike the card number, the CSC is deliberately not embossed, so that it is not read when using a mechanical credit card imprinter which will only pick up embossed numbers. These codes are in slightly different places for different card issuers. The CSC for Visa, Mastercard, and Discover credit cards is a three-digit number on the back of the card, to the right of the signature box. The CSC for American Express is a four-digit code on the front of the card above the account number. See the figures to the right for examples. CSC was originally developed in the UK as an eleven-character alphanumeric code by Equifax employee Michael Stone in 1995. After testing with the Littlewoods Home Shopping group and NatWest bank, the concept was adopted by the UK Association for Payment Clearing Services (APACS) and streamlined to the three-digit code known today. Mastercard started issuing CVC2 numbers in 1997 and Visa in the United States issued them by 2001. American Express started to use the CSC in 1999, in response to growing Internet transactions and card member complaints of spending interruptions when the security of a card has been brought into question. Contactless card and chip cards may electronically generate their own code, such as iCVV or a dynamic CVV.366
Credit card imprinterA credit card imprinter, colloquially known as a ZipZap machine, click-clack machine or Knuckle Buster, is a manual device that was used by merchants to record payment card transactions before the advent of payment terminals. The device works by placing the customer’s credit card into a bed in the machine, then layering carbon paper forms over the card. A bar is slid back and forth over the paper to create an impression of the embossed card data and the merchant information on the imprinter. The customer signs these paper forms, with one copy as the customer receipt and the other kept by the merchant.
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