basics of credit card payment processes
DESCRIPTION
Something more is there behind swiping the plastic cards in the electronic devices. This is the first process when the amount of money is deducted from the buyer’s account and added to the merchant’s account. Few other important steps are still left.TRANSCRIPT
On the first step of credit card processing Montreal, Quebec, and other places, your account number is verified by the electronic device. Next electronically the sum of money is transferred from your account to the merchant’s account.
You being the customer will be involved in the transaction when you will receive the mail from the credit card company. Actually the bill is forwarded to you to pay back the money that you have credited.
Credit card payment is an instant money transfer during a purchase or any kind of payment. All they need is a POS terminal technology.
Between you and the merchant there is an acquirer that manages the deals and controls it completely.
The acquirer reads the validity and proper registration of the credit card and then authorizes the payment to the merchant. This is not the credit card company- be sure of it. The agency Credit Card Processing from Montreal stands in between the client and the merchant and handling the transactions.
The acquirer takes the initiative to let the Master’s Card or American Express know about the payments and at the end of the day, merchants receive the money.
A store can have 200 credit card transactions per day.
