The assignment question is – “Trace the sequence of operations involved in a credit card system. What is the advantage to each participant in the system?” It is the SMU MBA MB0036 assignment in the sequence of decision support system and example of critical reporting and KRA of CFO.
A technical reason could be the wrong or no signature, wrong or no date, important details missing in the sales vouchers and so on. Despite the warnings carried on many a sales voucher both refunds and cancellations are daily occurrences.
To be considered a chargeback, the card issuer must initiate a well-defined dispute procedure. This it can do only after it has determined the reasons invalidating the transaction. A chargeback can only be initiated by the issuing financial institution. The cardholder himself has no standing in this matter and the chargeback rules and regulations are not accessible to him. He is confined to lodging a complaint with the issuer.
This is an abnormal situation whereby rules affecting the balances and mandating operations resulting in debits and credits in the bank account are not available to the account name.
The credit card company sends the transaction to the issuing bank and automatically debits the issuer.
The issuing bank debits the cardholder’s account. It issues monthly or transaction related statements to the cardholder.
Some credit card companies in some territories prefer to work directly with the cardholders. In such a case, they issue a monthly statement, which the cardholder has to pay directly to them by money order or by bank transfer. The cardholder will required providing a security to the credit card company and his spending limits will be tightly related to the level and quality of the security provided by him. The very issuance of the card is almost always subject to credit history and to an approval process.
The credit card company sends the transactions to the issuing bank and automatically debits it.
The issuing bank automatically debits the cardholder’s account. It issues monthly or transaction related statements to the cardholder.
A technical reason could be the wrong or no signature, wrong or no date, important details missing in the sales vouchers and so on. Despite the warnings carried on many a sales voucher both refunds and cancellations are daily occurrences.
To be considered a chargeback, the card issuer must initiate a well-defined dispute procedure. This it can do only after it has determined the reasons invalidating the transaction. A chargeback can only be initiated by the issuing financial institution. The cardholder himself has no standing in this matter and the chargeback rules and regulations are not accessible to him. He is confined to lodging a complaint with the issuer.
This is an abnormal situation whereby rules affecting the balances and mandating operations resulting in debits and credits in the bank account are not available to the account name.
The credit card company sends the transaction to the issuing bank and automatically debits the issuer.
The issuing bank debits the cardholder’s account. It issues monthly or transaction related statements to the cardholder.
Some credit card companies in some territories prefer to work directly with the cardholders. In such a case, they issue a monthly statement, which the cardholder has to pay directly to them by money order or by bank transfer. The cardholder will required providing a security to the credit card company and his spending limits will be tightly related to the level and quality of the security provided by him. The very issuance of the card is almost always subject to credit history and to an approval process.
The credit card company sends the transactions to the issuing bank and automatically debits it.
The issuing bank automatically debits the cardholder’s account. It issues monthly or transaction related statements to the cardholder.
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