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also probably re-entering that same information into an order processing application of some kind on a
desktop PC or mainframe terminal. What made more sense was to have the operator type the credit card
information into the computer application, and somewhere in a back room, the transactions were all gathered
into one point where they were transmitted to the processing company for approval—using a computer to do
the job rather than a terminal. Simply write some software that makes the computer talk the same "language"
that the terminal did.
Internet Commerce
Today, selling products and services over the Internet is commonplace. It's really no different than a mail
order establishment, except that the customers enter their own order and payment information at their leisure.
The web server application presents the buyer with an array of choices. The buyer selects the desired
products or services, and types in a credit card number.
Now- In Simple Terms
The easiest way to understand the payments industry is to determine whether or not the card is present when
the transaction is completed. Typically we view the amount of risk associated with a “card present”
transaction to much less than one that is “non-card present”. Over the past few years growth has occurred in
each of these segments and with the advent of smart cards, wireless networks, self-serve kiosks, security
standards, micro-payments, etc. it’s likely that the payment industry will continue to grow significantly in the
next several years.
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