“Plastic” transaction

Several years ago I run into solving the problem of fast and the most comfortable money transaction from and to my credit card. I tried different banking and independent payment systems and reveal some features of different transactions. Below I want to share my experience about using different types of transactions.

Retail

Indisputable the most widespread type of transactions. Every card holder undoubtfully used it. Any purchase in the store or service payment is paid by deduction of funds from credit card through the special terminal. The same type of transactions is used for payment in Internet. I have not found any shoal in this transaction. The most important is your confidence in money availability in your credit card or in seriousness of online store. There is no sense in telling stories about money transactions not to online store’s account but to off-site account and not receiving the goods, because it is the case of fraud not the system of money transaction failure.

Unique

I think it is the most actual type of transaction for me. It is actual for those too who has an account in Forex brokerage companies, plays in online casino or just want to transfer some funds from their card to any other offsite account. It can be your account in broker’s company or casino or one more bank account or electronic payment system. In other words this transaction is used not for some services or goods but for any other purpose. However not all the payment systems, banks and brokers use this type of transaction. Moreover those who decided to replenish their own account or account of any other person from the credit card will have to use processing ceter, which controls money trasactions not too liberally and speed of transacton is not that high. However now “unique” status of this transaction is moving to “popular”. Moneybookers allows to transfer money from credit card to third party’s accounts or to account in broker companies for its clients.

But you can partake of the delights of Unique transaction using LiqPay payment system. However on the strength of its “youth” this system is available for limited amount of people. For online poker players this service together with LiqPay online casino Bwin is presented, for Forex traders – international broker – InstaForex.

Talking in details I can tell that LiqPay payment system allows to transfer funds from credit card Visa or MasterCard to the virtual account in LiqPay system, which is tied to mobile number and vice-versa. After that money can be transferred toward another phone number, wihdrawn back to credit card or left in the account and spent later. In spite of the Unique transaction in LiqPy system is still testing, I can say that LiqPay provides the full spektr of this type of transactions.

And for the most curious people I describe shortly simplier and dedicated transactions with credit cards usage:

  • Cash. This transaction is used for cash withdrawal in MVE.
  • ATM. This transaction is used for cash withdrawal in automated teller machine.
  • Credit. This type of transaction is used for credit card replenishing in bank office, equipped with POS-terminal.
  • Note Acceptance. This type of transaction is used for credit card replenishing via ATM with cash-in function.
  • Refund. This transaction is used for repayment of the store in case you return the goods.
  • Reversal. It is used for repayment but the difference from Refund is that funds was not deducted from the card.

The article is added by Angelica Panfilenkova,

InstaForex Senior specialist of financial department

One Response to ““Plastic” transaction”

  1. Molly says:

    It is good for reading….very interesting….

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