March 1, 2010
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3rd-Party Processing for CCs Not Fraud, Pt.1
(Not usually anyway)Most consumers are not aware that some credit card companies use third party processors for a variety of venues. These third party processing companies usually are not scams as some consumers seem to feel. These third party processors help maintain their business by providing high quality and knowledge. When choosing a credit card company, the consumer should read the brochure and check out the issuers website for more information on these services. A consumer should be knowledgeable about the company one receives the card from. One way to get to know more information on a company is by reading the mission , and value statement that most companies already have. One may find this information usually on the brochure or, as mentioned above, on their website if they have one. Generally, the credit card third parties help in all aspects of the industry such as customer service, fraud protection service, billing disputes,: checking accounts; collections and some transaction processing. Most companies are divided into divisions such as Card division and Check division.
The mission statement helps everyone understand the credit card company's objective. A type of mission statement is as follows: Our mission is to maintain associates who are respectful, courteous and who support our company’s objective by achieving financial commitments. Our suppliers and customers share in our ethical and legal standard (of course this is not just limited to the credit card industry).
Third party agencies assist the credit card companies with buying selling and processing information for the company. They provide process solutions to help improve their current process for Credit Unions and independent banks. Both the Credit card company and processor must follow the rules and regulations that fall under Visa and MasterCard regulations. (American Express is not included as they are a separate entity entirely). The third parties processors can also help maintain the database marketing systems and other services.