Post by suborna913 on Apr 30, 2024 5:35:45 GMT -5
Credit card brands are everywhere — printed on the card itself, in stores, machines and websites.
But, do you know what the real function of flags is and why they are important and used daily?
We prepared this article to show you everything you need to know about credit card brands. Continue reading!
Financial Spreadsheet Banner
What will you read in this article?
What are credit card brands?
Difference between flag and operator
What is the difference between credit card brands?
How do I know which brand my card is?
How to choose the best credit card brand?
Afinz credit card
What are credit card brands?
More than a symbol printed on your card, brands are companies responsible for the purchase and billing process.
They validate all information passed Nigeria WhatsApp Number List between the establishment and you. Furthermore, the brands accredit establishments, enabling them to accept payment with cards that use them through the machines.
In other words, flags are important because they communicate to the operator that a purchase was made, as well as verifying whether the transaction was successful.
Here comes a question: aren't the brand and the card operator the same thing? No! Understand what changes between them.
Difference between flag and operator
The brand is responsible for transactions, verification and operational technology. It is the one between the customer and the establishment, and between the operator and the establishment as well.
Operators, also called administrators, are financial institutions, or banks. They issue the card and define the fees, in addition to being responsible for invoices and charges.
Brands are responsible for defining the rules of the credit card market, such as number of installments, establishment where brands are accepted, transaction fees, fraud limits and chargebacks — when it is necessary to reimburse the customer.
It is also the brand's responsibility to communicate between the acquirer (machine company) and the issuer (or administrator) of the credit card — bank or financial institution responsible.
When you use your card, the machine company signals to the card brand that a transaction has occurred. Thus, the brand contacts the card issuer, which authorizes the transaction.
With authorization, the issuer communicates again to the brand, which releases the transaction and you complete the payment.
For example, Afinz is the administrator of your credit card whose brand is Visa . Now it's easy to understand, isn't it?
What is the difference between credit card brands?
There are several credit card brands on the market, and although in theory they have the same function, some things are specific to each brand.
But, do you know what the real function of flags is and why they are important and used daily?
We prepared this article to show you everything you need to know about credit card brands. Continue reading!
Financial Spreadsheet Banner
What will you read in this article?
What are credit card brands?
Difference between flag and operator
What is the difference between credit card brands?
How do I know which brand my card is?
How to choose the best credit card brand?
Afinz credit card
What are credit card brands?
More than a symbol printed on your card, brands are companies responsible for the purchase and billing process.
They validate all information passed Nigeria WhatsApp Number List between the establishment and you. Furthermore, the brands accredit establishments, enabling them to accept payment with cards that use them through the machines.
In other words, flags are important because they communicate to the operator that a purchase was made, as well as verifying whether the transaction was successful.
Here comes a question: aren't the brand and the card operator the same thing? No! Understand what changes between them.
Difference between flag and operator
The brand is responsible for transactions, verification and operational technology. It is the one between the customer and the establishment, and between the operator and the establishment as well.
Operators, also called administrators, are financial institutions, or banks. They issue the card and define the fees, in addition to being responsible for invoices and charges.
Brands are responsible for defining the rules of the credit card market, such as number of installments, establishment where brands are accepted, transaction fees, fraud limits and chargebacks — when it is necessary to reimburse the customer.
It is also the brand's responsibility to communicate between the acquirer (machine company) and the issuer (or administrator) of the credit card — bank or financial institution responsible.
When you use your card, the machine company signals to the card brand that a transaction has occurred. Thus, the brand contacts the card issuer, which authorizes the transaction.
With authorization, the issuer communicates again to the brand, which releases the transaction and you complete the payment.
For example, Afinz is the administrator of your credit card whose brand is Visa . Now it's easy to understand, isn't it?
What is the difference between credit card brands?
There are several credit card brands on the market, and although in theory they have the same function, some things are specific to each brand.