Cryptocurrency Q&A
What is a credit card TXN?
What is a credit card TXN?
KatanaSharp
Thu Sep 05 2024
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5 answers
1105
Could you please clarify what exactly you mean by "credit card TXN"? Are you referring to a transaction (TXN) made using a credit card? If so, a credit card transaction is simply a purchase or payment made using a credit card, where the cardholder is borrowing money from the card issuer to pay for the goods or services. The transaction is processed through the credit card network, and the funds are typically transferred from the merchant's account to the card issuer's account, with the cardholder responsible for repaying the amount borrowed, plus any applicable interest and fees. Is there anything else you would like to know about credit card transactions?
5 answers
Caterina
Sat Sep 07 2024
The merchant then completes the sale, and the transaction amount is charged to the cardholder's credit card account. The cardholder is responsible for repaying the balance, along with any interest or fees that may accrue.
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CryptoQueenGuard
Sat Sep 07 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the needs of traders and investors in the digital asset space. These services include spot trading, futures trading, and a secure wallet for storing digital assets.
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SamuraiCourageous
Sat Sep 07 2024
A credit card transaction is a seamless process that facilitates the exchange of value between a cardholder and a merchant. It allows individuals to make purchases without the need for carrying cash or writing checks.
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Valentino
Sat Sep 07 2024
The transaction begins when the cardholder presents their credit card to the merchant, who then swipes or inserts the card into a payment terminal. This action initiates a secure communication between the merchant's system and the cardholder's issuing bank.
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Emanuele
Sat Sep 07 2024
The issuing bank verifies the cardholder's identity and account balance to ensure that there are sufficient funds to cover the transaction. If approved, the bank authorizes the payment and sends a confirmation back to the merchant.
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