Our services include setting up credit card processing for small business. As one of the most respected merchant services providers in the world today, we go beyond this and actually provide personalized and custom solutions for our clients.
Allow me to offer a brief overview of how this entire process works. Payment details are recorded each and every time someone uses their credit card. Depending on how the information is captured by the merchant whether it is using a imprinter or point of sales machine, manually keying in the information or via a virtual terminal.
The entities involved with this process are the Card Associations which is a huge network of companies such as MasterCard, Visa and the like. Their function is to act as the middle person between the issuer and the acquirer when transactions are authorized and funded. Another party is the Acquirer which is a financial organization or a financial institution that provide a way for merchants to process payments.
Then there is the Cardholder. This is basically anyone who has a credit card and uses it to buy goods and services. The last is the Merchant. The merchant is the business or entrepreneur who has been approved by the various parties mentioned above to process transaction of Cardholders. A deeper look at the ebb and flow of information and funds between these entities is called interchange. There are several steps that are involved here.
Authorization: this is when the customer buys something from a merchant and the merchant debits their account in the amount of the products or services rendered. If the authorization is successful then the funds will be settled to the merchant.
The next step is the Batch: everyday when a merchant processes payments, the payment details are stored and sent to the acquirer and the acquirer will later get the orders. This is usually done at the commencement of the day. But certain businesses prefer to batch several times per day.
Next is the Funding: this is the fun part for the merchant or business because this is when the money will actually hit their bank account. The entire process can take anywhere between 24 to 72 hours.
If you are looking for better rates and better customer service, we can offer that. If you need to switch over to Menexis, we can help facilitate the entire process to make it worthwhile. |
