steps to use credit card processing
DESCRIPTION
To understand the benefits of the Credit Card Processing machine in your business, first you need to understand the stages of the usage of the whole payment procedure.TRANSCRIPT
Steps to Use Credit Card Processing
Stages of The Payment Procedure
May be it seems like a simple process while you are purchasing via credit card payment process. Infact, there are certain layers to finish the whole task flawlessly. Most of you are not aware of it.
There are certain components that complete the whole payment process. The basic components are merchants who are offering their services and products, customers who use their credit-cards, approvals from the terminals and finally the gateway to account service operators.
These operators send the message to the company issuing credit cards to the customers and finally the amount is transferred to the merchant’s account.
3 Most Important Stages of Credit Card Transactions
On the first stage customers will offer the credit card to the sales person in purchase section of any store, hotel, restaurants, and so on.
On the next step, the card will be swiped at the POS machine from where the message will be transferred to the bank that has issued the credit card.
Later, the bank credits money the merchant’s account and this is how the whole payment process is worked. This is completely a circular procedure.
