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Credit Card 101

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Credit Card 101 Credit Card 101 Jump Start Program First Data Learning Organization Confidential & Proprietary to First Data Corporation Developer: 10 Rev 03/03/2011 V2.0 Agenda – Card Brands – Card Types – The PiProcessing Flow – Selling Merchant Processing – Knowledge Check Confidential & Proprietary to First Data Corporation. 2 Credit Card’s 5 Major Brands • Visa Credit Cards ‐ credit cards issued by Financial Institutions that are members of Visa, cards carry the Visa Logo on the front of the card. • Master CdCard Cre dit CCdards ‐ cards idissued by Financ ia l IiiInstitutions that are members of MasterCard, cards carry the MasterCard logo on the front of the card. • American Express Credit Cards ‐ cards issued by American Express Financial Services, or their partner Financial Institutions, cards carry the American Express logo on the front of the card. • Discover Credit Cards ‐ cards issued by Discover Financial Services, or their partner Financial Institutions, cards carry the Discover or Novus logo on the front of the card. • JCB Credit Cards (Japanese Credit Bureau) ‐ cards issued by Financial Institutions (usually foreign Financial Institutions), cards carry the JCB logo on the front of the card. The common characteristic associated with each type of credit products: • Each credit instrument used to make the purchase/payment is associated with a line of credit that must be repaid to the issuing financial institution. Funds are not pulled out of a Bank or Government funded account. Confidential & Proprietary to First Data Corporation. 3 What Do They Mean By Card Typ e? Type of Card – Type refers to the card presentdted by the consumer at the time of purchase. – Card types are Consumer, Commercial, Signature, and Rewards card products. – These have additional breakouts within such as Signature, Infin ite, Corporate, Purchhiasing, etc. – See Next Slide for a comparison of the card types. Confidential & Proprietary to First Data Corporation. 4 Card Types and Descriptions Card Type Product Type Description Traditional Credit Consumer Credit The basic Visa card type where funds are deducted against a consumer line of credit with the issuing bank. Traditional Rewards Consumer Credit The first level of Visa “consumer rewards”, this card grants the cardholder specific sets of “rewards” for purchases made on the card. Common rewards include but are not limited to airline miles, cash back and merchandise. Signature Card Consumer Credit The medium level of Visa “consumer rewards”, this card grants the cardholder an enhanced set of rewards over and above those given to “Traditional Rewards” cardholders. Signature Preferred Consumer The highest level of Visa “consumer rewards”, this card is considered Credit the most exclusive Visa card product in the market and offers its ho lders additional lllevels of service inc ldlude 24/7 de dicat ed customer service and travel arrangement privileges. Signature Debit Consumer Debit Commonly known as either a “Check Card” or “Visa Debit”, signature (offline) debit cards deduct funds from a consumers “bank./dda” account. It is also important to note that “pre‐paid cards such as “Gift” and “FSA/HRA” cards are considered “Signature Debit. PIN Debit Consumer Debit Commonly known as either a “Check Card” or “Visa Debit”, PIN debit (online) cards deduct funds from a consumers “bank/dda” account. Consumer enters a Personal identification Number (PIN) which starts the authorization process. Commercial Commercial Comprised of Business, Corporate, Fleet and Purchasing, Commercial cards are issued to businesses to make purchases. Confidential & Proprietary to First Data Corporation. 5 The Transaction Process How does the merchant get paid? Confidential & Proprietary to First Data Corporation. 6 Three Steps to Card Processing The following presentation explains how credit card transactions are processed and settled. • When a cardholder uses a credit card to purchase merchandise, the transaction moves thhhrough a process that ilinvolves authihorizati on, clearing and settlement. • Each step of the process involves an exchange of transaction data and money that must be settled and balanced. • This process ends when the cardholder pays for the merchandise listed on his/her monthly statement. Confidential & Proprietary to First Data Corporation. 7 Five Actors on the Stage Cardholder –The consumer who owns the card. Merchant – An entity that contracts with an Acquiring Processor to originate transactions. Acquiring Processor – An entity that communicates to Visa to gain approvals to complete cardholder transactions. First Data is an acquiring processor. Visa ‐ The largest association member. Visa is the largest payment system, enabling 14,000 financial institutions to process over $1 trillion in annual transaction volume. Other associations are MasterCard, Discover, American Express, or JCB. Issuing Bank – The financial institution who issues the credit card. For example, Capital One, Chase, Wells Fargo. Confidential & Proprietary to First Data Corporation. 8 The Credit Card Transaction Process Step 1 ‐ Authorization • Cardholder makes a purchase using a credit card. The merchant must obtain authorization for the purchase from the bank who issued the card. Step 2 ‐ Clearing • If the transaction is approved, the next step is clearing. In this phase, the Issuing Bank obtains basic transaction data from the merchant such as the amount, date and location of the purchase. This data is then sent to the credit card issuer for posting to the monthly credit card statement. Step 3 ‐ Settlement • In the fina l step, settlement , the fdfunds are collec te d from the IiIssuing BkBank and transmitted to the merchant. When a consumer uses a credit card, the merchant does not receive payment at the time of purchase. The bank credits the merchant’s bank account. The bank then sends payment to the processor who sends the payment to Visa. The cardho lder receives a monthly stttatemen t and settles with Visa for purchases made using the credit card. Confidential & Proprietary to First Data Corporation. 9 Credit Card Transaction Flow CHALLENGE:Credit Can Card you identifyTransaction the Three Steps: Flow Authorization, Settlement, and Clearing?CHALLENGE: Can you identify the Three Steps: Authorization, Settlement, 1. Mercandh htan Clearing?t 2. First DDtata 3. Visa sends 4. IIissuing BBkank swipes 1card.. Merc hthant receives2. First infoDDtata 3‘Open. Visa sen tod sBuy” 4. IIissusendsing BBkan approvalk or swipes card. andreceives requests info ‘Openrequest to Buy” to sends approvaldecline or to Visa. and requests request to decline to Visa. ‘Op‘Oenpen To To Bu Buyy”” IssuinIssuing Bank.g Bank. fromfrom Visa. Visa. 8. Visa 8.request Visa request 7. 7.Merchant Merchant 6. 6.First First Data Data 5. Visa 5.sends Visa sends funding from batches sends approval approval or fundingIssuing from Bank. terminal,batches sends orsends decline approval to decline toapproval First or Issuing Bank. terminal,$ request sends to theor Merchant. decline to Data.decline to First $ requestFirst Data to. the Merchant. Data. First Data. 9. Issuing Bank 10a. Visa funds 11. First Data funds funds Visa. First Data. Merchant account. 9. Issuing Bank 10a. Visa funds 11. First Data funds funds Visa. 10b.First Issuer Data. bills Merchant account. cardholder. Confidential & Proprietary to First Data Corporation. 10 10b. Issuer bills cardholder. Confidential & Proprietary to First Data Corporation. 10 CreditCredit Card Card Transaction Transaction Flow Flow ANSWER KEY: Authorization, Settlement, and Clearing ANSWER KEY: Authorization, Settlement, and Clearing 1. Merc1.h ht Manerct hthant 2. Fi2.rs Fit rs DDtt DDtataata 33. Vi. Visasa sen sends ds 4. IIissu4ing. IIissu BkBaningk BBkank swipesswipes card. card. receivesreceives info info ‘Open‘Open to toBuy” Buy” sendssends approval approval or or and requests request to decline to Visa. AuthorizationAuthorization and requests request Authorizationto Authorization decline to Visa. ‘Op‘Oenpen To To Bu Buyy”” IssuinIssuing Bank.g Bank. from Visa. from Visa. 8. Visa request 7. Merchant 6. First Data 5. Visa sends 8. Visa fundingrequest from 7.batches, Merchant sends sends6. First approval Data approval5. Visa or sends Clearing fundingIssuing from Bank. Settlementbatches,$ request sends to sendsor decline approval to Authorization declineapproval to or First Data. Clearingthe Merchant. First Data. Issuing Bank. Settlement $ request to or decline to Authorization decline to First Data. the Merchant. First Data. 10a. Visa funds 9. Issuing Bank 11. First Data funds First Data. funds Visa. Merchant account. Settlement 10a. Visa funds 9. Issuing Bank 10b. Issuer bills 11. First Data funds Firstcardholder. Data. funds Visa. Clearing Merchant account. Clearing Confidential & Proprietary to First Data Corporation. 11 Settlement 10b. Issuer bills cardholder. Clearing Clearing Confidential & Proprietary to First Data Corporation. 11 Keep This In Mind TimelinessTimeliness requirement requirement Timeliness Timeliness – Refers to the time between the Authorization date and the – RefersSettlement to the Date time between the Authorization date and the Settlement Date • To obtain the best rates, transactions should meet a 2 day settlement • Totime obtain frame the. best rates, transactions should meet a 2 day settlement time frame. – Example: Auth Date 08/01, submitted to First Data 08/02, Submitted to – Example:Association Auth 08/03 Date 08/01, submitted to First Data 08/02, Submitted to Association 08/03 • Generally, the next best rates
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