Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Credit Card
A credit card is a "payment card" that bears a card number, the cardholder's name, an expiration date, and a card verification number, and is provided by a credit card issuer (usually a banking institution). It can be used to pay for purchased goods and services, with billing occurring at regular intervals. The credit limit varies and is defined in advance together with the banking institution.
With the credit card it is possible to pay, book and withdraw money worldwide. Abroad (especially in North America) you are partly dependent on the use of a credit card.
Mastercard, Visa, Diners and American Express
Almost all credit cards can be used worldwide, whether in real business and private life or for online money transactions. Mastercard and Visa are issued by banks in cooperation with the credit card organizations, Diners and American Express are obtained directly from the card company. These four major companies are leaders in the European and North American markets.
The most frequently used credit card types, Visa and Mastercard, are accepted in about 200 countries. Mastercard has around 37 million points of acceptance for payments, Visa around 46 million.
Consumer Lending with the Credit Card
Credit cards were designed with the consumer lending in mind. Typically, such credit cards come with a loan.
A consumer loan is a loan granted to private borrowers using a bank credit card. The consumer loan usually does not have a fixed purpose. The issuing bank charges credit interest on the outstanding amounts, which must be covered within a fixed period.
CommDoo GmbH is your service payment provider and reliable partner for your online store. Learn more about the credit card payment option