GolleCard, the leading processor of payments between the banks of merchants and card issuing banks of the Kingdom of Mount Vema, announced today that it will reopen its payment services on Monday.
GolleCard has been providing financial institutions with GolleCard-branded payment products since the creation of the Kingdom of Mount Vema, but it stopped offering credit card services almost six years ago when His Mount Vema Majesty’s Government and the Central Bank of the Kingdom of Mount Vema decided to restructure the Mount Vema financial system as part of a plan to improve its independent Global settlement of payment services in golles.
The company was granted a new license last week and is ready to reopen for business to enable banks to offer credit to their customers when dealing with the Kingdom of Mount Vema. The service combines payment with extensions of credit.
GolleCard services is very similar to those provided by Visa or MasterCard, as it enables the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts paid plus the other agreed charges.
The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance (mostly over the counter at a bank or other financial agency, up to a certain limit).
The GolleCard, is different from a charge card, where it requires the balance to be repaid in full each month. In contrast, a GolleCard allows the consumer a continuing balance of debt, subject to interest being charged. A GolleCard also differs from a cash card, which can be used like currency by the owner of the card. A GolleCard differs from a charge card also in that a GolleCard involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date, however, some GolleCards can be used as charge card depending on the issuer.