Settlement Services Have So Much under Their Belt

1. Settlement Services Have So Much under Their Belt Understanding Is Must for You Before you get any deeper into the concept of Visa and MasterCard settlement services, you should know that the initial phase towards a productive integration is to understand the payment process. When a customer hands over a credit card for making payment of a product or a service, it is just the starting point of multi layered sequences of under the carpet information transfers and transactions. Finally, the result of such type of a process would be that the merchant receives a diminished payment for the items or services sold to the customers. Every transaction gets start when a Cardholder hands over the card to a Merchant for making the payment of products or services. The card may be given face to face in the instance of a store or indirectly through the internet by giving expiration date, card number and name which are given on the card. After this, the Merchant either swipes a card via an electronic reader or notes down the details of the card by hand into a desktop system. The sum of the transaction might also be noted or transferred from a point- of-sale system or just via a shopping cart. The Electronic Payment System links to a specific system which belongs to a Processor, and carries the card and transaction information. If the task of transaction gets done via the web, the Merchant will either associate with a Processor directly or link via a Gateway provider which makes arrangement of the data and directs it to Processor of Merchant. Every single processor possesses an exact protocol for such type of transmissions. The desktop system of the processor makes sure that the card is lawful and there are enough funds

2. available for credit in account of a cardholder. When all this has been done, then the Processor communicates a consent or rejection code back to system of Merchant, this is gets done through a procedure which is exclusive to that particular Processor. For particular types of industry transaction such as in restaurants, there is even two steps- pre- authorization wherein a projected sum is approved and post-authorization wherein the actual sum of the transaction gets recorded. Such a procedure is necessary because the total of the tip gets unidentified at the instance of the initial authorization. At the end of every single day, the account that the merchant possesses should get closed or settled. This aspect depends on the Processor only. In a nutshell, there are so many tasks under the belt of Visa and MasterCard settlement services. They perform so many tasks in processing of payments. So, you have to be careful that you make a right choice about the service. CONTACT US:- Payscout, Inc. Los Angeles • Atlanta New Jersey • São Paulo Shanghai 1.888.689.6088 www.payscout.com