Question What are two common methods used when accepting deposits for credit card and debit card transactions?

Expert Solution

Step 1: Definition of credit card

A credit card is a card that the bank issues to the customers that allow customers to buy goods on credit. The issue of the credit card is mainly depends on the creditworthness of the applicant.

Step 2: Two methods used to accept deposits

The two methods of accepting the transactions of credit and debit cards:

Net: In the net method to record transaction the amount received from sale is recorded also the amount of processing fees is deducted at same time.

Gross: In the gross method the total amount received by the company and the precessing fees is charged at the end of the month.

The net and gross methods are used to accept the deposits of credit card and debit card transactions.

Sahil Dangi answered 1 year ago

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Question What are two common methods used when accepting deposits for credit card and debit card transactions?

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