Credit Card Payment through other Bank Debit CardPayment by credit card using another bank debit card
Credit card operations are immediately authorised so that the money for your operation is immediately outstanding. If you are registered to be notified, an e-mail payment receipt with the date and timestamp of the payment is sent directly to the facility manager at the moment of the payment. eCheck Payments:
If you make a payment using an eCheck, it may take three to five working days for the money to be withdrawn from your bankroll. Please note: The booking data may vary according to the properties. When and how will my home be informed that I have made a payment? What are weekend and holiday payment procedures?
Is open banking the end of card payment?
Whilst it will be some still long before it is widely used, new organizations will soon be able to make interbank transfers on the behalf of a user. It will create a new level between customers and banking and hopefully generate new business and service opportunities. However, the relocation of the payment center away from the bank will lead to significant changes in the markets and could hamper the dynamics around the banks' payment card Cash cows.
However, maps are costly for a business to use. Alternate schemes such as direct debit (account-to-account transactions) are often much less costly, especially when a payment is recurrent, but direct debit is not perfect for one-offs.
Basically, what is a payment card? It is just a ticker that together with a personal identification number or petition identify a taxpayer and a payment from. In Open Banking, this is your bank informationoken, nothing physically required, along with the authentification method (probably over a phone) selected by the account-holding bank.
By using Open Banking Application Programming Interfaces (APIs) to handle payment instead of card, a business could be saving a great deal of cash, both because no need for a hardware device is required and because there will be much more competitive opportunities; the barriers to entering are inherently lower. You handle a large number of card transactions.
They would do so if they could avoid both the costs (from card processors) and the burden (follow-up of obsolete card, deceptive card, etc.) of reprocessing from bank accounts. Saving bank accounts as credit card logs would be so much simpler from a compliant point of view (although I think that will change).
However, Open Bank transaction have a similar savings on credit card as Direct Debit. There is no reason to believe that this will not be the case so far, but the bank will not want to loose these spreads and will be very creative in looking for ways to keep them. Soon we will have a payment system that requires no tokens or infrastructures (with an authentication that most folks have with them ), is less expensive due to more competitive pricing, and uses the bank directly as a payment gateway.
It' going to take some getting around to that, but then what is the point of payment card? Except for special cases such as holidays in other lands, prepaid charged tickets or occasions when you need a real phone card, tickets appear like a payment pick that had its heyday.
Now there are grown-ups who have never seen a credit card slide through the roll cage existing in front of the chips and pins. Perhaps we will soon experience a period in which physically paid card is considered in the same way as we consider today audiocassettes. Me for a miscassette; who will say the same for payment card?