CREDIT CARD APPROVAL SYSTEM

CREDIT CARD APPROVAL SYSTEM

abstract

While the actual approval will only take a few minutes, you'll actually have to wait to physically receive the credit card, which will be sent by mail and should only take a few days. In some cases, a more in-depth look at the applicant's credit may be required because of instances of "questionable" credit.

Getting an approval credit card offer can significantly cut down the waiting period to receive the actual credit card and the process is much more convenient than applying for credit cards the old-fashioned way with hand written applications. A process that used to take weeks has been cut down to days with new technology that provides the platform to instantly approve credit cards.

PROJECT DESCRIPTION

            When your business accepts credit card payments, the approval process involves six basic modules:

MODULE 1: Submit Card Information

            Your online customer clicks "Submit Order" or you press "Send" on the credit card terminal. Secured data goes to the bank that holds your merchant account (this is also known as the acquiring bank). If online, the encrypted data first goes through a “payment gateway,” the software equivalent of a terminal.

MODULE 2: Authorize the Transaction

            The acquiring bank forwards the transaction to the issuing bank (the bank holding the credit card account), which then approves or declines the transaction.

MODULE 3: Return Response

            The issuing bank sends back a response code to the acquiring bank. In the case of a decline, this code includes the reason for transaction failure.

MODULE 4: Register Response

            The response code goes from the acquiring bank either to the terminal or, for online transactions, back through the payment gateway and to your Web site.

MODULE 5: Collect Approved Funds

            The acquiring bank transfers the approved funds from your merchant into your checking account. When the transfer takes place depends on whether your merchant provider handles batch processing or real-time processing. Real-time processing is used for some online transactions, but it is considered more risky and therefore tends to come with a higher fee from your merchant account provider.

MODULE 6: search / VIEW / MODIFY

            The data can be searched based on 2 methods: search by customer or search by credit card. In search by customer method, the customer name and the credit cards owned are displayed. The particular customer can be selected and the data will be viewed or modified and it is also possible to make transaction with that particular customer. The search by credit card method shows the credit card number, holder, status and type of the credit card. Here also the transaction will be performed with the particular credit card and also can view or edit the data.

System analysis

Existing system

          With the credit card industry developing at such unprecedented rate, more and more people are experiencing the so-called credit card hype. In fact, in the U.S. alone, the average household gets to receive at least two credit card applications in a day.

            What happens next is that consumers have the propensity to get into information overload, and so, they do not have any time to meticulously scrutinize each application that they receive.

            Moreover, because of having too many credit card application forms thriving on the mailboxes every single day, they find it hard to make clear choices. In fact, according to some surveys, 75% of credit card users admit that they do not read the fine print at all.

            That is why when the information technology had taken its fair share in the industry, things were definitely better. This is because the credit card industry, along with the consumers, is so overwhelmed with the fact that everything can come on an instant using the Internet.

            For this reason, the online credit approval programs of most credit card companies seem to be the most practical technique that was ever created. Many people find it feasible to use online credit card approvals than to exert extra effort to personally apply for credit, only to find out that they will be rejected in the end.

 

 

Proposed system

            Online credit approvals works the same way as the typical application forms. The only difference is that these things are not hard copies.

            However, one of the best things about this program is that it lets the consumers have the time to analyze the credit card offers and see if it will work for them.

            Basically, there is nothing special about online credit card approval. The interested person just have to supply the necessary information on the online application form, wait for a few minutes (usually within 60 seconds), and, when approved, the consumer just have to wait for his or her card.

            But the best thing about it is that the bank can instantly check on a particular person’s identity and credit score. If ever the score meets the requirement, instant approval will be provided and the credit card will be processed as soon as possible.

            So for those who wish to know the advantages of having an online credit card approval, here is a list of some possible benefits that they can get from this program:

1. No messy applications

            With online credit card approval, people can almost be sure of a safe and smooth transaction. There are no too many papers to trash or too many brochures to pile. Everything is done in just a few minutes and the status is instantly known if the application was approved or not.

2. Instant verification and comparison

            There is no better way to get the best deal from a credit card but to have it compared to the others. In this way, the interested person can see the difference among credit cards, which gives him the ability to identify the best credit card deal.

3. Numerous benefits from the issuing bank

            With this program, consumers can easily tap the available exclusive benefits provided for online applicants. There are instances wherein the banks will instantly give their new credit card users some amount from the credit line that they have provided.

            These are just a few of the many benefits that consumers can get with online credit card approval. It is the best thing the credit card industry could ever have.

            Indeed, with online credit card approval, there is nothing in the world that money would not have a value for it. Online credit card approval simply makes great things possible.