Merchant Processing
Merchant processing is an essential part of running a business. It’s how businesses receive and manage payments from customers. It involves connecting a merchant account to a payment processor which is linked to card networks like Visa and Mastercard. This allows businesses to securely process transactions and keep track of their finances. Having a good merchant processing solution is important for any business to succeed.
How does Merchant Processing work?
STEP 01
Customer Purchases
The customer slides their payment card through the credit card terminal and enters the sale amount.
STEP 02
Payment Gateway
The terminal securely connects to our payment gateway for authorization.
STEP 03
Payment Processor
Our payment gateway passes the transaction data to the bank that issued the credit card to check if the card is valid and if the charge amount is available.
STEP 04
Bank
The issuing bank sends back an approval number or a decline message, which is processed by our payment gateway. This information is then sent back to the credit card terminal to print a receipt for the customer to sign.
STEP 05
Your Merchant Account
The transaction is finalized, and the funds are deposited into your merchant account, completing the payment process.
These steps together typically take around 12-15 seconds to complete using a phone line, and only a few seconds with newer internet-enabled machines.
These steps together typically take around 12-15 seconds to complete using a phone line, and only a few seconds with newer internet-enabled machines.
STEP 01
Customer Purchases
The customer slides their payment card through the credit card terminal and enters the sale amount.
STEP 02
Payment Gateway
The terminal securely connects to our payment gateway for authorization.
STEP 03
Payment Processor
Our payment gateway passes the transaction data to the bank that issued the credit card to check if the card is valid and if the charge amount is available.
STEP 04
Bank
The issuing bank sends back an approval number or a decline message, which is processed by our payment gateway. This information is then sent back to the credit card terminal to print a receipt for the customer to sign.
STEP 05
Your Merchant Account
The transaction is finalized, and the funds are deposited into your merchant account, completing the payment process.
These steps together typically take around 12-15 seconds to complete using a phone line, and only a few seconds with newer internet-enabled machines.
These steps together typically take around 12-15 seconds to complete using a phone line, and only a few seconds with newer internet-enabled machines.
What makes a good merchant processor?
Increased security
Offers advanced security measures to protect against fraud and security breaches.
Improved customer experience
Provides fast and seamless payment processing for a positive customer experience.
Enhanced reporting and tracking
Offers detailed reporting and tracking capabilities for easy transaction management.
Reduced processing costs
Lowers fees and helps avoid costs associated with fraud and security breaches.
Increased convenience
Offers flexible payment options, including online and mobile payments.
Global reach
Enables businesses to accept payments from customers in different countries and currencies.
Improved cash flow
Provides fast and efficient payment processing for quicker payment receipt and improved cash flow.
Get Approved for Payment Processing
FAQs
Q
Why is merchant processing important for my business?
A
Merchant processing is important because it enables businesses to securely process payments from customers, manage their finances, and improve the overall customer experience.
Q
How can I get a merchant account for my business?
A
To get a merchant account for your business, you will need to apply through a merchant services provider. They will typically require information about your business and its financial history, as well as a signed agreement.
Q
What factors should I consider when choosing a merchant processing solution?
A
When choosing a merchant processing solution, you should consider factors such as fees, security measures, customer support, convenience, and reporting capabilities.
Q
How much will it cost my business to use merchant processing?
A
The cost of using merchant processing depends on the merchant processing solution you choose. You will typically pay a fee for each transaction processed, as well as a monthly fee for using the service.
Q
How can I ensure the security of my customers' payment information?
A
To ensure the security of your customers' payment information, you should choose a merchant processing solution that uses the latest security measures, such as encryption and secure socket layer (SSL) technology.
Q
What types of payments can I process through merchant processing?
A
You can process a wide range of payments through merchant processing, including credit and debit card transactions, as well as online and mobile payments.
Q
How can I track and manage my transactions through merchant processing?
A
You can track and manage your transactions through merchant processing by using the reporting and tracking capabilities provided by the merchant processing solution you choose.
Q
Can I expand my business globally with merchant processing?
A
Yes, some merchant processing solutions allow you to accept payments from customers in different countries and currencies, enabling you to expand your business globally.
