Plastic card is a personal payment tool that provides the person using the card the possibility of cashless payment for goods and/or services, as well as receipt of cash in the offices (branches) of banks and bank machines (cash dispenses). Trade / service companies and bank’s offices accepting plastic cards form a network of service card points (or the receiving network).
All of the importance of plastic cards is their convenience and prevalence. One can use it in all the major stores of all developed countries. That is why it is very important for Perfect Money
to provide the usage of plastic cards. This will greatly increase the convenience of the system and the potential audience of the payment system.
A feature of sales and cash money by plastic card is that these operations are carried out by stores and, consequently, by banks “in debt” – customers can get goods and cash immediately, but pay for them later. The guarantee of fulfillment of payment obligations arising in the service of plastic cards is a bank-emitter. Therefore, cards during all the time of usage remains the property of a bank, and customers (card holders) are only their users. The nature of guarantees of bank-emitter depends on the payment powers provided to a client and fixed by the class card.
When a plastic card is giving to a client it became personalized: personal information is putting on it to identify the card and its holder, as well as to verify the solvency of the card or output of cash. The process of approving the sale or cash on the card is called authorization. To realize this process an office makes a request to a payment system for confirmation rights of the card holder and his/her financial capabilities. Traditionally, authentication is carried out manually when a seller inquire an operator about necessary information over a telephone (voice authorization), or automatically, a card is placed in the POS-terminal or merchant terminal (POS - Point Of Sale), the data read from the card, cashier entered the payment amount and the holder of the card with a special keyboard enter a secret PIN code (PIN - Personal Identification Number). After that, the terminal performs authentication establishing a connection to a database of money transfer (on-line mode), or making a change of additional data from the card (off-line authentication). In the case of cash money procedure is similar with the only difference that money is automatically given by a special device - cash dispense, which holds the authorization.
A holder of a debit card need to make a deposit at a bank-emitter a certain amount, in our case, it can be of Perfect Money. This amount will determine the limit of available funds. In carrying out calculations with the use of cards and simultaneously decreasing the limit on this card. The control of limit is carried out by the authorization, which with the use a debit card is always mandatory. In order to renew (or increase) the limit on the card the holder need to fill up again the amount.
To ensure payments cardholder may not make pre-funding, he/she can obtain a credit in bank-emitter. Such a scheme is implemented if one pay by credit card. In this case, the limit is related to the size of the loan, in which the cardholder can spend. The credit can be either single or renewable. Renewal of the loan depending on the agreement with the holder of the card is possible after debt extinction completely or some part of it.
As a credit or debit cards can also be corporate. Corporate cards are provided by a company to its employees for travel and other office expenses. Corporate card of a company associated with one of its accounts. They allow companies to trace detailed staff’s expenses.
Family cards are similar to the corporate - the right to payments under the limit provided by family members of cardholder. And users are granted additional individual personalized cards.
Finally, we can add that at present time there are not so many send money onlinewhich support plastic cards and the introduction of such features into Perfect Money could become a serious advantage
