Card Solutions Archives | Starting Business

Do I Need a License to Issue Pre-Paid Cards

A card that has a specific amount of money pre-loaded onto it is known as a pre-paid card. This type of card can be utilized to conduct payment transactions at POS terminals as well as online, provided that the card is accepted. Retail shops offer pre-paid cards in the form of gift cards…

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Using prepay cards as a payment solution

A card that has been preloaded with a certain amount of money and has a certain credit is called a prepaid card. The most common form of prepaid cards is the gift vouchers issued by retail stores. This type of card enables individuals to pay for purchases by adding funds to their card in…

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What are prepaid cards

A prepaid card is a type of card that has been credited or preloaded with a certain amount of money, thus enabling its holder to make payments with it. A popular form of prepaid cards is gift vouchers offered at a number of retail outlets worldwide. Individuals are able to load the card with a…

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What is a cash card

A cash card, also referred to as an ATM card, is a pocket sized plastic cash that enables the card holder to withdraw money. A cash card can be a debit card, prepaid card or a store card that allows the holder to purchase goods and services. Cash cards are…

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What are the benefits of smart cards

A smart card is any pocket-sized plastic card that contains an integrated circuit. Banks and other financial institutions issue their clients with credit and debit cards, which are a form of smart cards, in order to transact offline and online payments from their bank account…

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What is an interchange fee

An interchange fee is the payment of a specified amount of money that is paid between banking bodies for accepting card based payment transactions. Interchange fees are fees that the merchant has to pay in order to process card transactions made to them by their customers…

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What is EMV

The term EMV stands for Europay, MasterCard and VISA, referring to the main cards used to make payments at Point of Sale terminals (POS), online or via an Automated Teller Machine (ATM). These cards are issued by an individual’s bank and come in the form of either a credit or a debt card…

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What is a smart card

A smart card, also known as a chip card or an integrated circuit card (ICC), is any card that contains an integrated circuit. The most common types of smart cards include SIM cards for mobile phones, and credit and debit cards that are used to make payments. Smart cards are a very important…

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What is the magnetic strip on cards

All credit and debit cards tend to have a magnetic strip, often referred to as a magstrip, which runs across the back of the card. These cards use magnetism, which are tiny particles of iron, in order to store information. Magnetic strips were…

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What is contactless payment

Credit cards and debit cards that use Radio-frequency identification (RFID) technology in order to carry out secure payments are referred to as contactless payments. There is an embedded chip in the credit/debit cards that allows holders to just ‘wave’ the card over a reader at a POS terminal…

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