Card Payment Standard: Key to Purchasing Security

2008-09-04 15:34:10

( Financial )



Brought by the modern development in the field of commerce and technology, the aspect of card payment system is born bringing convenience for the society. Using this new mode in the commercial industry, people can now purchase necessities and wants without the need for actual money in present terms. Using the modern card payment system, people can now extend their financial capacity allowing more freedom and flexibility in their economic purchasing power.

Considering the new norm in purchase payment, is the card payment option safe to use?

In the actual use of the modern card payment system, several rules and standards must be followed. The payment card industry standards are placed not to delimit the possibilities in this new payment mode but mainly to enhance security and safety for the people involved in this economic activity.

But how does the card payment standard promote security?

The payment card industry standards are mainly guidelines for the parties involved in the card payment industry that protect their interest and security in financial matters. On the part of the merchant, the card payment system requires presentation of valid identification to ensure that the person using the card is indeed the owner of the account. Also, the system presents an official receipt which can be used as legal reference for the card payment transaction. In addition, the buyer is obliged to note an official waiver that declares his or her knowledge of the transaction and its respective financial liability.

On the part of the buyer, the card payment system likewise presents him or her with a receipt which he or she can use for referencing his or her account transactions. The waiver signing system also protects the card owner’s interest wherein an unauthorized use will not bear the owner’s valid signature making the involved transaction invalid. Similarly, the need for identification secures the usage of the card account wherein only the owner has the authority for the usage of the card.

Indeed, the card payment system is a convenient mode for present purchasing activity yet there is still danger to this form of financial activity. Remember, the next time you use your card account to pay for something, follow the rules and standards involved in the process for you and your money’s safety and convenience.


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