Natris Morris: Credit Card Purchases
Natris Morris has done a lot during his lifetime, and he is still a young man. He has released two albums of his own music, one of them on the record label that he founded and still owns. Many of his songs are available for download from iTunes and other music download sites.
He is certified in cardio pulmonary resuscitation, or CPR, a lifesaving procedure that restart the beat of someone whose heart has stopped, and breathe life back into someone who has stopped breathing, as in someone who has been shocked, had a heart attack, or a near drowning experience.
Natris Morris is also an entrepreneur, who in addition to his record label is the owner of a merchant account business called Cephalic Service Center LLC. Among other things, Cephalic Service Center LLC provides businesses with debit and credit card processing.
He has learned that a lot of people have no idea what happens with a credit card purchase, once they have made a payment and slipped their card back into their wallet. Natris Morris says that these transactions usually take place in two different phases, the charge and the settlement. In the simplest terms, he says that the charge phase is when the credit card purchase is made, and money to pay for the transaction is set aside from the cardholder’s account. In the settlement phase, the money representing the transaction is transferred from the cardholder to the merchant who made the sale. The first phase usually happens right away, while the second phase is usually done later.
This is a simplified explanation of the process, Natris Morris says, but represents the essence of what happens when a consumer pulls out the plastic.