Credit Card Facts and Stats

-Americans owe approximately $850 billion in revolving credit card debt.i -As of 2007, 73% of all American households had credit cards and 60% of these households carried a balance. The average balance for households that carried a balance was $7,300, up 30.4% from 2004.ii -Low- and middle-income households have an average of $8,650 in credit card debt.iii -The total amount of credit made available by issuers in 2007 was about $5 trillion, or $43,007 per household.iv -Even as the...

Continue

VISA electron

The Visa Electron card* is issued in certain countries around the world. The Electron card provides consumers with direct access to deposit account funds, but the card’s security features and acceptance procedures are slightly different.• First, the account number on the front of an Electron card is printed, not embossed.• The full 16-digit account number may...

Continue

paywave works

1. Merchant terminal is enabled with contactless technology.2. Consumer holds card in front of the reader and terminal light indicates card has been read.3. Transaction is completed like any card payme...

Continue

What is Visa payWave?

Merchants can take advantage of increased speed and convenience—and offerthese advantages to cardholders—with Visa payWave, a new payment methodthat uses the latest technology to send card data wirelessly to a terminal reader.A cardholder simply holds their card in front of the reader.For many transactions, there is no need to sign a receipt or hand over the card.Visa payWave...

Continue

Making Code 10 Calls After a Transaction

Sometimes a sales associate may not feel comfortable making a Code 10 callwhile the cardholder is at the point-of-sale, or the sales associate may becomesuspicious of a cardholder who has already left the store.Emphasize to your sales staff that they can make Code 10 calls even after acardholder leaves the store. A Code 10 call at this time may help stop fraudulentcard use...

Continue

The Code 10 Call Process

    To make a Code 10 call:- Keep the card in your possession during the call.- Call your voice authorization center and say, “I have a Code 10 authorization request.”  The call may first be routed to a representative at your acquirer who may need to ask you for        some merchant or transaction details. You will then be transferred...

Continue

Code 10 calls

Code 10 calls allow merchants to alert card issuers to suspicious activity and take appropriate action when instructed to do so. You should make a Code 10 call to your voice authorization center whenever you are suspicious about a card, a cardholder, or a transaction. The term “Code 10” is used so the call can be made at any time during a transaction without arousing...

Continue