Don’t Allow Card Processing to Be Your Headache

1. Don’t Allow Card Processing to Be Your Headache A Revolutionary Change The bankcard networks which ship millions of transactions between the processors, merchants and banks are really contemporary marvels. In just a blink of an eye, information of transaction is passed through your terminal or software to a processor, and then via the card network to an issuing bank for authorization. Then the issuing bank sends an approval back by the card network to the processor you possess before it ultimately ends up back at your software or terminal. Here, gaining an approval for a transaction is only the first step. Approvals have to be settled before sales can be submitted into the bank account of the business you possess. Merchant Credit card processing occurs in a two-stage process containing of approval and settlement. This is significant because diverse fees are acquired at every stage. IF there happens any failure or partial failure in eitherof the steps, outcome of the step will be in increased price or credit card sales not being deposited.

2. There are different chief players in this authorizing and settling a credit card transaction like: - The cardholder A cardholder is a person who gets a bankcard: credit or debit) card, from a card issuing bank. He then presents the card to merchants as payment for products and services. - The Merchant A merchant is a business engaged in sale of products or services. It manages a merchant account which allows him to accept credit or debit cards as payment from clients for the goods purchased. - The obtaining Bank (Merchant-Bank) The acquiring bank is a registered associateof the card associations like Visa and MasterCard. These banks are frequently referred to as merchant bank as they contract with merchants to form and maintain accounts which allow the business to receive credit and debit cards - The Delivering Bank (Cardholder-Bank) An issuing bank gives credit cards to consumers. It is also a member of card associations. These banks pay acquiring banks for consumptions that the cardholders make. It is finally the responsibility of card holders to repay their issuing bank as per the rules. - The card association Visa or MasterCard are not the banks which issue credit cards or merchant accounts. They just act as the guardian for their own card brand. Their main responsibility is as the Card Association is to oversee the members of their associations. Conclusion There are various agencies which can help you take electronic debit or credit card payments fast and reasonably. So Merchant Credit Card Processing is no longer a haunting task now. CONTACT US:- Payscout, Inc. Los Angeles • Atlanta New Jersey • São Paulo Shanghai 1.888.689.6088 www.payscout.com