Credit and debit card processing for businesses is almost a necessity for today's payment transactions. A venue without credit card processing is guaranteed not to get as much business as a competitor allowing this method of payment. Utilizing credit card processing will make payment much simpler, more efficient and more convienent for customers.
How Credit Card Processing Can Speed Things Up
There are several stages of credit card processing. The order in which the transaction is processed changes depending on the card issuer, easing the transaction itself while guaranteeing quick payment:
- The first stage is authorization. This is performed quickly through any credit card processor and determines whether the card is approved or declined for the purchase.
- The card is then authenticated by the banks using Card Security Codes and address verification and a PIN number in order to prevent fraud.
- Capturing will occur just before settlement, when transaction data is collected and sorted out.
- Next the transaction is cleared and settled, when the card issuer and the processing bank complete a payment transaction by sharing the transaction information and depost the transaction funds into the businessess account.
As a business, the only requirement is selecting a credit card processor that meets your business needs and works with either PIN-based or signature-based methods of card acceptance. PIN-based card acceptance is a more secure than PIN-less, it also costs about the same. As a merchant, learning how to handle credit cards is as easy as a 15 minutes conversation with a respectable processing firm.
Most of the major credit card companies' payment transactions are pretty much the same, though the transaction cycle itself may vary. Possessing a credit and debit card processor should speed your payment process up and save the consumers time during transactions as well. Along with swiftness of payment transactions, the minimal personalized credit card rate can also be available for every purchase using a trustworthy interchange-plus system. This can help to lower the price of processing in the end.
The right processing provider will ensure that a merchant account is created and that the business can initiate credit and debit card processing. Once this is done, payment transactions should be easier than ever.