![]() Though, in this case, the bank will directly deduct the amount from the customer’s account immediately and deposit to the company’s account without waiting to receive payment later from the debit card holder. This is the same for the debit card as the company usually also needs to pay the fee charged from the bank for the sales that are made through the debit card. This is why the company usually needs to pay the credit card fee to bank as the bank is the one who will perform the payment settlement with the customer. at the end of the month) for the purchase. ![]() The customer that uses the credit card for the purchase will pay the bank later (e.g. Likewise, once the sale is done, the transaction at the company side is done too. ![]() This means that the company doesn’t need to establish customer’s credit, create receivable account for customer, or collect the cash from customer later. Making the sales through the credit card means is similar to those sales through cash transaction as the bank will deposit the amount of sales (less the relative credit card fee charged) to the company’s account directly after the sale. POS) without being declined for any reason. In this case, the company needs to make the credit card sales journal entry after the sale is successfully made through the credit card processing machine (e.g. In business, the company may need to accept the credit card when it makes sales in order to increase sales revenue as it is a convenient tool of payment that the company can provide to the customer with usually a relative low fee. ![]()
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