Credit Card Procesing
Credit card processing is bit complex which sometimes can be overwhelming but it is still critical part for your business as it ensures that your customers can checkout simply and quickly.
What is Credit Card Procesing?
We know that when we do payment through credit card, it happens in seconds, despite that credit card processing is a complex process involving multiple steps.
The flow of the complex process is as first the information is passed from cardholder to the merchant’s processing company and credit card networks to the cardholder’s bank. The bank approves or declines this transaction after which the above steps flow in the reverse order to let them know if their payment went through or not.
Understanding the online payment process
The payment information received from gateway is then sent to the processor who communicates with customers’ bank via credit card networks (RuPay, Visa etc.). This whole information of your credit card is verified and after that bank approves or denies the payment.
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Other advantages of a Credit Card Procesing
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Get Started With Credit Card Procesing
More Things About Credit Card Procesing.
There are numerous parties which have their own part when your customer swipes their card or do the payment through a gateway. Here are the names of parties that are involved in the action:
Some Frequently Asked Questions
How does credit card processing works?
There are different players that plays role in a credit card processing. The key players in authorization and settlement of credit card processing are- Cardholder, merchants, acquiring bank, cardholder bank, card networks or association and last payment processors.
Which technologies are used in the payments process?
The technology used in payment process is different for each business as each business is unique in its own way. The different solutions available are:
- Online invoicing
- EMV smart terminals
- Mobile payment solutions
- Online shopping cart
- Point of sale
What types of fees are associated with a transaction?
The service fees charged differ due to your merchant service provider. The types of service fees associated are:
- Transaction fees
- One-off fees (terminal fees, early termination fees, setup fees, verification fees, PCI compliance fees etc.)
- Recurring fees
What are main steps that take place during the credit card processing in motion?
Credit card processing works mainly in three distinct processes. These three processes are:
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The Financing Compass worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.
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Working with Financing Compass helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan.
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If you want a credit card processing service to start your business you can contact us. We will provide you with the best service that will benefit your business.