What does Virtual HIGH RISK Debit CREDIT Card PROCESSING Do?
Debit card is also termed as bank or the check card. This card is an alternative method of payment to cash, while making purchases. This is also called as electronic check, since money is withdrawn from the leftover balance on card or directly from bank account. Almost all cases, these cards are exclusively designed to be used on Internet.
Similar to credit cards, these debit-cards are also widely used for making purchases through internet or phone. The only difference is that using credit card people can make purchases, but they must pay the amount back on the later date, but this is not the case for debit cards.
So, you now know what a debit card is? Let us now go through what does virtual-debit card do?
Essentially, virtual debit-card is nothing but an electronic description of debit card which allows sending and paying money for things via internet and over phone. Most of the virtual debit-cards possess one physical card which user carries, this is not linked with the PIN numbers and thereby this makes them useless for any point-of-sale transactions physically.
These debit cards are peak of electronic age, which offers electronic banking, authorizations, transfers, payments, and complete paperwork hassle out for customers who possess this virtual debit-card.
If you are in search of a faster, efficient, and more convenient way to transmit money, payment bills, or to manage your expenditures, then virtual debit-card is the best solution for you. Especially, if you spend and bank online or via phone, the virtual debit-cards are
These debit-cards are authorized and prepaid usually, by using CW2 number and card number. The CW2 number is a 3-digit number which is imprinted on the card’s back, which lies next to signature box.
Most of the stores admit these cards, since they can take in CW2 code and card number for authorization. These cards work similar to any CNS or card-not-swiped transaction, which several stores do not admit. Only the grocery stores admit these cards.
While you make an order for virtual debit-card, one must make sure that your card is protected, and CW2 code and PIN number are not embossed on card itself. So, ensure that the CW2 code and PIN number are sent individually from card. By this way you can assure that even if your debit-card gets lost, the thief would not be able to use your card.
Users of these cards like these, since they provide better options for managing money and does not want them to utilize funds that they possess in their credit cards or checking account. Also, there might be many people who by no chance can own checking accounts or credit cards, these people can take a sigh of relief by owning a virtual-debit-card. This is indeed a great solution for all their problems.
There exists few shortcomings to this card type, but if one is not worried regarding possessing typical debit-card, then it would be fine. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.