What is a Bankcard?

A BANKCARD is issued by a financial institution, it allows the balance to be carried over from month to month. The Issuing Bank assesses the Cardholder the interest they will pay on the unpaid balance against carrying the balance. A BANKCARD allows a purchase amount to be taken from a Cardholders bank account or through a line of credit without having the cardholder write a check.

To accept BANKCARDS merchants must be approved to process BANKCARD transactions through a bank or a credit card processor. The merchant must sign a merchant processing agreement through their merchant service provider.




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