However, I hesitated calling attention to a company that processes credit card transactions. Investing is Settle Your Personal Finances , where we warn of the dangers of credit card debt and recommend that everyone pay off any credit card debt as soon as possible. For our purposes, I'll assume everyone's read the 13 Steps, divorced their extra credit cards, and paid off existing debt balances. The Memphis, Tenn.-based company has increased its number of transactions at a higher rate than the rest of the market. Business Description Concord's business consists of merchant services and running ATM machines.
Merchant services consist of processing credit, debit, and EBT transactions.
Concord receives payment for credit transactions based on a percentage of the sale, while debit and EBT transactions provide a flat fee. The actual transactions can include authorization or back-end services. Authorization is verifying the card is valid and the purchase is within the credit limit, while back-end services include administrative tasks like tallying sales transactions and settling funds between the credit card company or cardholder's bank and the merchant's bank. ATM services make up the rest of the Concord's business. It receives a monthly payment for the service and a fee based on the number of transactions.