Know about your usual payment methods
What is a debit card?
- Every bank offers you a debit card as it is a form of plastic money or payment card that helps the buyers to make purchases in a cashless environment. The money is directly deducted from the buyers’ bank account or from the checking account. This is the safest alternative to cash and is the most convenient form of payment system and is very secure with the 3D security now in place.
- Almost all the banks and the credit unions give the debit cards as soon as the account is opened in the respective bank.
What is a credit card?
- Credit card is again a form of plastic money that allows making purchases by borrowing money from the bank so even if you do not have money the bank allows a certain amount for you to utilize for certain period of days without interest. The borrowed money is then paid to the bank within the “grace period” which is around 25-30 days (and this varies according to every bank) to avoid the interest payment on the used money. In case of failure of the making any payment, you need to pay a percentage of money that you owe to the bank along with the interest and penalty.
What is VISA?
- Visa is a huge company offering payment services and visa card is a card that is used to make payments by utilizing the Visa networks and branded by the Visa Inc. a visa card can be a debit card, credit card or prepaid card. Each visa card has a different terms that reflects the credit worthiness of the individual.
- Visa was the first company that provided with the first credit card in the year 1960 and is founded by Bank of America. This is the renowned card as this gives the best in class payment gateway services to a lot of businesses and the people using it. A Visa card number starts with the digit 4.
What is Master Card?
- Master Card is anither huge organisation which offers payment services like Visa. Master card is a form of plastic money that has both debit and credit card and is incorporated by MasterCard international. This company has its headquarters in New York, United States. This card also varies in the security services and the creditworthiness of an individual are designed differently.
- In the year 1966 to 1979 master card was called “interbank” and “Mastercard” the original banks behind the credit cards were the banks of United California bank and a bank of California. A Master card number starts with the digit 5.
What is DISCOVER?
- This is another form of credit card or debit card that is primarily used in the United States. Normally the discover cars are issued by the discover bank that is formerly the greenwood trust company. This card is issued through the discover network payment network. This brand is supposedly the 4th largest brand after visa, MasterCard and Amex or American Express. A Discover card number starts with the digit 6.
What is American express?
- American Express or so called AMEX is a form of credit card issued by formulated by American Express company that is also a famous American Multinational Financial Services that have its headquarters in New York City, this is also known to be famously known by Amex. This includes other financial instruments such as traveler’s cheque, charge cards, and credit cards. An Amex card number starts with the digit 3 and is 15 digits in total as compared to other card which have 16 digits. For example: 1111 2222 3333 444 and this card has its CVV number with 4 digits such as 9999 however other cards the CVV is only 3 digits
What is PayPal?
- Paypal is an American company famously known as PayPal Holdings International that supports the online money transfer and this also works in a way as an electronic alternative to the traditional paper methods like checks and money orders. People can create their paypal account by connecting them to their bank accounts and make payments across the internet with ease.
- SSL is known as Secured Socket Layer. This is a standard security technology that establishes the encrypted link so that the web server and the browser get the perfect link and every information that passes through the link keeps all the data integral and private and encrypted.
Those having SSL certificates have a key pair that is public and private key. Both these keys work together to establish the encrypted connection and are used for secured transactions.