Remove Card Association Remove Debit Card Remove PCI DSS
article thumbnail

How Visa and MasterCard Shape the Payments Industry

Clearly Payments

Bank of America launched the BankAmericard in 1958, widely considered the first credit card available to consumers, which eventually evolved into Visa. In 1966, a group of California banks formed the Interbank Card Association (ICA), later known as Master Charge and then Mastercard.

Visa 88
article thumbnail

Merchant Processing Explained: What Happens Behind the Swipe?

Evolve Payment

Between the alphabet soup of acronyms (PCI? Merchant processing is how your business handles card transactions. More specifically, the OCC labels a merchant processing activity as: “the settlement of credit and debit card payment transactions by banks for merchants through various card associations.”

Process 52
article thumbnail

Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

BIN Sponsorship A service provided by payment processors that enables merchants to accept payment cards from multiple card issuers. Bluetooth Card Reader A wireless device that connects to a mobile device or computer to process payment card transactions.

Process 52