So I’ve always found it fascinating that I can just swipe my card somewhere and my bank/credit card company takes the amount off my balance, but how does this really work?
I am familiar with service providers(PayPal), but let’s say I’m In a random store and I swipe my card how does that work? Do they have a contract with my bank/cc company that gives them permission to take the money from my account?
The fact that I can swipe my card at places and it is immediately deducted from my bank account is just magical to me, that’s why I’d love some more knowledge!
In: Technology
Khan academy has a detailed explanation for the whole credit card processing…process. I need to make this a substantial explanation before I just post the link that will answer all if not most of your questions.
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