Hotel Credit Card Processing

To avail hotel credit card processing is like an act of ensuring that the operations of a hotel as a business establishment will continually improve as the time goes by. This credit card processing service was designed for the benefit of the hotel owners who do not want to sacrifice the financial security of their businesses on low class credit card transactions that can cause bankruptcy on their operations. This service is something that can really help the owners of hotels in the public places nowadays to manage their businesses more effectively as the time goes by.

In hotel credit card processing, the main focus is to make sure that the payments of the consumers for the services and amenities that are available in a hotel will be sent to the merchant account of its owner with the use of an excellent credit card transaction. This credit card processing service is a result of the comprehensive studies that were conducted on the latest improvements that the authorities can apply in the operations of credit card transactions nowadays. This great accomplishment will be the best answer to the problems of the hotel owners who are afraid of scammers. 

Hotel credit card processing is a form of credit transaction which is compatible only for the financial transactions that are meant to be conducted in the facility of a hotel which is one of the most popular forms of business establishments in the market nowadays. This credit card processing service has an ability to accept the payments of the consumers of a hotel in a very efficient and highly secured process that can never be traced and exploited by scammers and other types of criminals whose main goal in life is to exploit the personal assets and important resources of the other people.

It is true that the owners of hotels have more options to choose from when it comes to the credit card processing industry. But the new hotel credit card processing is definitely the best type of credit card transaction that each of them can use to manage the income and cash flow of their hotels more effectively. Many people have already proven the excellent performance and efficiency of this credit card processing service in the past. And until now, the number of its regular consumers continually increases as the time goes by which is a sign that the service has successfully convinced many businessmen in the different parts of the globe with its great quality and unbeatable features.

At hotel credit card processing, the hotel owners will no longer ask for more with its excellent features and unbeatable services that are incomparable to what the other types of credit card transactions in the market have. This credit card processing service is very affordable and it will never fail the expectations of those individuals who want manage their hotels more effectively while competing with the other competitors in the market. To avail this excellent credit card processing service is the first steps towards success in the hotel business industry.

Restaurant Credit Card Processing

Restaurant credit card processing is one of the most popular types of credit card transactions in the market nowadays. This service was designed to make sure that the flow of the payments and credit transactions in restaurants will never be so stressful for those businessmen who decided to invest on the type of business that was stated. This credit card transaction is not totally different from the other types of credit card processing services that were created to manage the cash flow of the other business establishments more effectively while aiming to gain more consumers from time to time.

The restaurant credit card processing will be the best solution to the problems of those businessmen who do not know how to make their restaurants more entertaining in the eyes of the consumers. With the help of this innovative credit card processing service, the managements of several restaurants in the different parts of the globe nowadays will be given a chance to serve their clients or consumers more effectively. In other words, one of the main purposes of this service is to make sure that the restaurants in the different parts of the globe nowadays will be able to provide the consumers with excellent customer services as the time goes by.

Restaurant credit card processing allows the owners of restaurants in the different parts of the globe nowadays to understand the real meaning excellent customer service with the use of a modernized set of credit card transaction or money transfer service. This innovative credit card processing service was designed to make sure that the delivery of payments for all of the recipes and services that are available in a restaurant will be secured and highly protected from several kinds of exploitations as the time goes by. Several businessmen in this world have already proven the excellent performance of this service in the past. And most of them were very happy with the set of benefits that it has successfully provided in their fast growing restaurants.

The new restaurant credit card processing is something that will make the use and advantages of merchant accounts more interesting and irresistible in the eyes of the businessmen. It can only be availed by those businessmen who are managing a restaurant or a group of restaurants to earn money. And those restaurant owners who have excellent credit scores in banking institutions and lending companies will gain more chances to avail this service without spending a lot of efforts.

At restaurant credit card processing, several kinds of credit card machines are needed to make sure that its operations will never be destructed easily. Such machines play an important role in the process of enhancing the good performance of this credit card processing service when it comes to the process of protecting the set of personal assets and resources that a restaurant owner has in a merchant account. It should not be ignored by those businessmen who are just starting to master the basics on how to manage restaurant more effectively. It will never put their financial resources at risk as the time goes by.

Retail Credit Card Processing and Merchant Accounts

The consumers have nothing to worry anymore when it comes to the process of achieving their target shopping experience in malls, groceries and other types of business establishments that are available in the market nowadays. It is because the all new retail credit card processing and merchant accounts is now available to answer the needs of the consumers and businessmen who do not want to suffer on the consequences of entrusting their personal assets on low class credit card processing services. This credit card processing service will never fail the expectations of the consumers and businessmen who want to be financially secured for the rest of their lives.

The use of retail credit card processing and merchant accounts in the operations of a business establishment will make all things much easier to accomplish for its manager and more convenient on the part of the consumers. This service has an excellent ability to increase the rate of income of a business establishment from time to time since its main purpose is to provide the businessmen in this world with a set of high quality merchant accounts that are highly protected with several kinds of security features that are very reliable and efficient when it comes to the process of protecting a set of personal assets against the evil plans of the online scammers and criminals.

Retail credit card processing and merchant accounts will help the businessmen in this world to experience the benefits of the innovative credit card processing services and accounts in the banking industry at the present time. Such service will never fail the expectations of those individuals who do not want to be destructed by several kinds of issues and financial problems that are related to low class credit card processing and credit card transactions in the market nowadays. One of the things that the businessmen and consumers will surely like from this new type of credit card processing service is the presence of auto-billing in its operations.

Retail credit card processing and merchant accounts was created to make all things much easier for the businessmen and consumers when it comes to the different kinds of financial transactions that are meant to be executed in markets nowadays. The auto-billing feature of this service is something that will notify the businessmen automatically just in case a new set of payments has been successfully deposited in the private bank accounts of their businesses with the use of a merchant account.
 
The retail credit card processing and merchant accounts is the most efficient way of maximizing the uses and purposes of credit cards in the market nowadays. Its merchant accounts can truly help the businessmen in the different parts of the globe nowadays to manage all their resources more effectively as the time goes by. The consumers and businessmen should not hesitate to avail this service if their main goal is to make sure that the personal assets and resources will never be exploited by the scammers forever. People can avail it anytime at Payscout.com at a very affordable price.

Debit Card Processing

Many people used debit cards on their purchases because they are only required to spend for a specified amount of money on their own account. Apart from it, the money can be immediately debited. Although there are still some advantages to get from using a credit card; still, many prefer making purchases or reservations with their debit cards.

Actually, debit card processing is made in two ways: online or (pin-based) or offline or (signature-based). In order that the debit card can be processed offline, it should be branded by the MasterCard logo or VISA. This is one of the most ordinary ways of processing debit cards. As you can see, they are being processed just like the credit cards.

In debit card processing online, there is a need to make use of the PIN method that requires various processing. The customers will be asked if it is going to be a debit or credit sale. The payment card is keyed in or swiped that further makes the payment transaction. The customer also has the option of providing “cash” while still on sale. The customer is also required in entering an encrypted or secure Pin number. This automatically produces the transaction and approves the payment.

Afterwards, the receipt is being provided for the customer. A signature is no longer required because the PIN is already entered by the customer. As per the process of transaction, this usually takes place when the equipment is already connected in the payment network. In this payment network, the most difficult work is being done that takes for about three to four seconds.

Then, the information on sales continues to travel from the processing equipment to the secure payment network up to the financial institution wherein the bank account exists in. Considering that the PIN number is entered by the customer during the sales, the transaction will now be authorized. Afterwards, the account is to be checked if there are still enough money that covers the whole sales amount. If it is still covered, then the transaction will be approved.

As per the checking account, it is immediately debited while the funds are transferred to the bank account. In getting the money, it is even made easier and faster in debit card processing as compared to the credit card processing. The money is being transferred in the bank account by means of bypassing the networks of payment needed in settling the payments on credit card. The good thing is that it only takes twenty-four to forty-eight hours before getting the money.

In debit card processing, there are a lot of benefits to offer to clients. Debit cards are less expensive as compared to the credit cards. Many people have access on debit cards and they become the most preferred mode of payment.

Due to the increasing debt rates, debit cards are preferred by many than credit cards. Even deposits are done in a fast and easy manner for about twenty-four to seventy-two hours. The good news about debit card processing is that the setup process is done in an efficient, simple and painless way!

Credit Card Processing For Restaurants

With the expertise and help of Payscout, credit card processing for restaurants has been made simple and convenient. If one of your business ventures is a restaurant, it is very important that you have your own credit card to make sure that your money is safe and secure. If you decide to work with Payscout, they will offer you with merchant accounts to make sure that individual requirements will be completely met. For several years of existence in the industry of payment transactions, they already served millions of satisfied clients who really loved their astounded services.

Ever since, the main goal of Payscout is to provide their valued clients with electronic and standard payment processing that will suit their credit card processing for restaurant needs. If you are searching for a quick and convenient way to have your credit card processing services that is designed for your restaurant business, Payscout is the first thing that you should consider. In order for you to gather valuable and additional information about their services, all you have to do is to visit their website and rest assured that you will be astounded with their great services and benefits they offer to their respected clients.

Payscout will offer you with their 24/7 technical and telephone support, lowest rate for your debit and credit cards and free of charge for your credit card processing services for your restaurant business. When it comes to their customer service, you don’t need to look any further since Payscout will provide you with outstanding customer service that you deserve to receive. Credit card for your restaurant is highly recommended since your credit card will serve as your method of respective payment.

Payscout will offer you with a merchant account to enable you to receive credit cards from your valued clients. When you hear the term “merchant account”, it simply means that it is a form of formal arrangement between a certain credit card processor and the restaurant owner.

If you already have a merchant account, you can accept credit cards payments from your respected clients. A Payscout credit card processor is the one that will be responsible for depositing those payments in your own bank account. If you decided to obtain a merchant account from Payscout, you can be sure that you will not experience any hassle and difficulty since the application process is quite fast and easy. All you have to do is to fill out the application form for merchant account and your application form must be approved by your credit card processor.

If you are looking for a reliable and competent credit card processing service for restaurants, don’t forget that Payscout is here to assist you. You can be sure that when you consider their services, you will not be disappointed at any point since they will provide you with excellent services that you deserve to experience. This is your perfect time to discover the amazing services of Payscout and allow them to help you to easily reach your business goals in no time.

Merchant Accounts Processing

Credit cards are meant to be used on shopping malls, grocery stores and other business establishments where credit card terminals are available. Anyway, what’s the main purpose of this tool and why did some companies promoted it? Credit cards help people to avail some special credit services in a very convenient and stress-free procedure. Such product has an ability to transfer instant payments in a bank account of a business establishment by notifying the staffs of the lending company which serves as the lender of a consumer that a credit card was used in purchasing a set of goods or services. It is very convenient to use and most of its transactions embody the concept of merchant accounts processing.

Most of the merchants and business establishments nowadays are already accepting credit card transactions on their facilities while aiming for increased sales. The process wherein some consumers use credit cards to cover all their payments for the items that are meant to be purchased by them in a business establishment is called merchant accounts processing. Such service aims to help the consumers in purchasing the most important items in their daily living with the use of all the credit balances that are available in their credit cards. This service will automatically notify its provider if its supported credit card user has successfully used its own credit cards in paying a set of shopping items in business establishment.

Merchant accounts processing is something that can integrate the process of auto-billing in the operations of a business establishment. It will become much easier for the entrepreneurs to collect all their incomes from the credit cards of their consumers who will use credit cards in paying the prices of some purchasable items that are available in their facilities with the help of this service. It automatically sends a set of reports to the personal computer of a merchant who accepts credit card transactions while evaluating and monitoring the improvements that are present in the service sales of a business establishment.

Several entrepreneurs have already proven the excellent performance of merchant accounts processing service in their business establishments for several years. Most of them became successful in the promoting their businesses because of this excellent type of credit service which was organized for the benefit of the consumers who need extensive financial assistance in all of their needs and for the benefit also of the business establishments that are aiming for increased sales by acquiring its powerful technology.

Merchant accounts processing will never fail the expectations of those individuals who want to use their credit cards in a very efficient and dependable way. It is always well secured and protected with high class encrypted technology that only its provider can control. The business establishments in the different parts of the globe should not ignore this service for it can totally change the sales performance of their businesses. It is the most efficient type of service that a businessman or merchant who accepts credit card transactions must avail to avoid mistakes and issues on the set of payments that were sent by the consumers with the use of their own credit cards.

Credit Card Processing Online

Credit card processing online involved a lot of fundamental frameworks. Even before you start for any processing, it is first necessary to learn more about the basics in available gateways and SSL security.

Two of the most basic ideas for those people who have credit cards are to learn more about the sales transactions and gateways. In credit card processing online, it starts from the transactions. Actually, there are a lot of transactions and types.

When it comes to the types, it may include of postauth, chargeback, credit, sales, and preauth. The sales also involve consumers in transferring payments and buying goods on the account of merchants. In case of disputes, there are charge backs.

After the credit card processing online and the transaction are already completed, the second stage is on the gateway. Other gateways available are cyber source; authorize net, payment echo, world pay, trust commerce, verisign and card service.

In maintaining the credit card processing online of a website owner, there is a need to have a gateway account and online transaction. The server to use should be certified by the SSL. In regard with the information on the credit which they accept, they should be displayed on gateways.

As for the gateways, they are considered as interfaces on application programming used in the implementation done by most sales class.

The credit card processing online order should follow:

1. On the part of the customer, he must go online and then view for the constructed page of Dynamic HTML. Then, the customer is going to contact the web server that is protected by the SSL. The gateways will be implemented in order that they can perform for purchases. Afterwards, the user will have to fill out the form but only those interested items. Then, the user will have to click the send or submit that confirms the options for items found in the chart.

2. The user and information are posted and sent for online processing. In the process, it involves price, availability, stores and product terms. The servers on the web must contact for a server code that is utilized for secure and safe linked website servers.

3. Both Gateways interlink and processing code of CC are interlinked for them to exchange information. The significant details and credit card like Expiry Date, CCV and Postal Code are validated.

After the validation is done, the payment is then processed. The process includes of debiting and checking the amount. In this regard, the credit card of the user is now validated if there is still an accessible and if it is sufficient in buying the product. It further checks if the card is still good.

4. Then, the gateways will have to contact the banks and merchandise to acquire the details needed in credit card processing online. This is dependent on item groups that are sent to be processed.

Credit card processing online involves the acceptance of payment in any form and anywhere. Do not also forget to have security and fraud processes. Apart from it, there are still some issues to consider even before the application on credit card processing online.

Merchant Account VS Payment Gateway

Setting up an Ecommerce website can get confusing and make you pay for unexpected fees if you don’t have a better understanding with merchant account vs. payment gateway.

Merchant Account VS Payment Gateway: What Is a Payment Gateway?

A payment gateway is a service offered a financial institution to process credit card transactions for your business. If your clients or customers are purchasing products or service from your online store, they enter their credit card identification number in the checkout or billing process. Your online store sends that information to your payment gateway to authorize or to decline the transaction and to process the payment.

Merchant Account VS Payment Gateway: What Is a Merchant Account?

A merchant account is an online bank account that temporarily holds the merchant’s money before being moved to the merchant’s actual bank account. When a successful sale has been made, the money from the credit card payment will be moved to the merchant account, and it will stay there within 2-3 days before being transferred to the business bank account. Your merchant account serves as your temporary bank account for the money incurred from online sales.

Merchant Account VS Payment Gateway: How Do They Work Together

A merchant account vs. payment gateway works together by processing the credit card payment made by your customer until the money incurred by a successful sale is deposited to your bank account. It begins when your shopping cart at your online store computes the total amount of product to be purchased by your client, the customer’s billing info, and them forwards all data to your payment gateway.

The payment gateway will forward the data to your credit card processor for authorization. After the data has been received by your credit card processor, it will be verified, and then the approval code will be sent back to the payment gateway.  After the payment gateway has received the approval code, the transaction will be settled automatically. Transaction settlements may last for few minutes or few hours depending in the item being purchased. Also, merchants selling custom products can settle the transaction manually the next day. After the payment transaction has been settled, the payment gateway sends the approval code to the shopping cart to inform the customer for successful payment made.   The best thing about merchant processing the best is that all these things can happen in less than a minute.

Things to Consider in Looking for Merchant Account VS Payment Gateway Solutions

When looking for companies that provide payment gateway and merchant account solutions, choose those companies that do not offer long term contract. Through this way, you can easily cancel your merchant account contract if you don’t want dealing with penalty charges or fees. Also, choose merchant processing service providers that do not require your website to get live first before getting an approval. Through this way, you can get your payment gateway setup and then tested before your online store goes live. Also, make sure that you understand all of the things stated in the contract to prevent your business from paying for hidden costs and services that you don’t need.

Merchant Account Providers - Helping Businesses Stay Ahead in the Race

For entrepreneurs big and small and ventures like legal firms, retail shops or real estate companies, running a business comes with many responsibilities. And one among the several challenges those businesses face is to be able to collect and process payments made by customers through credit and debit cards. Getting started with a secure merchant account and making the business / products / services accessible to a wider audience is the first major hurdle that any new business faces. This responsibility is therefore outsourced to merchant account providers who create merchant accounts on behalf of the business and process payments made towards the business.

Who is a Merchant Account Provider?

The entire process of credit card payments and their processing is today being handled by companies who are widely known as Independent Sales Organizations (ISO). These ISOs are responsible for selling merchant bank accounts to merchants or business owners, processing the payments through a dedicated gateway and submitting the same to a Visa or MasterCard network. They are also responsible for providing technical support through the entire process and they ultimately set the price for the services rendered. ISOs are also known as merchant account providers because of the kind of facilities they directly provide to merchants.

Services Provided by Merchant Account Collection Agencies

As described above, the entire gamut of payment collection and their processing is done by merchant account providers on behalf of the merchant. However, this overtly simplistic service includes various other crucial facilities that a collection agency or ISO needs to provide in order to offer a seamless service in credit card processing. These include:


• POS Equipment Rentals - No matter what kind of business one handles, merchant account providers should be able to provide credit card processing equipment anywhere and everywhere. While at the physical point of sale location, companies need to provide electronic card readers and for portable or mobile businesses that need to make collections from the location of the customer, mobile (GPRS) or internet services need to be put into place.

• Anti-Fraud Measures - Only secure payment gateways that offer several layers of anti-fraud assistance both to the merchant and the merchant’s customer will increase customer loyalty.

• Offshore Assistance - Since a number of businesses function across time zones, it’s important to provide a secure payment gateway that is available to customers across geographies.

• Technical Support - The success of a good credit card processing platform depends on its technical systems and the quality of software used. For example, QuickBooks, which provides online POS assistance to merchants, helps businesses sync their sales and inventory in a timely manner. This also helps merchants, associated with larger businesses which are spread across geographies, instantly know which product or service has been sold and to whom, as well as track the status of the credit card payment.

What’s more, these kinds of software are also able to minimize data errors or repeat entries and help merchants authorize secure transactions.

To initiate error free credit card transactions and avoid duplicate or slow credit card processing, assistance from merchant account providers will help businesses grow faster and reach a wider base of customers.

Everything About Automotive Credit Card Processing

The automotive world is vast, and running a business associated with automotive can be quite challenging. Whether you are associated with tires, fuelling or re-trading of old tires, or with sales of auto parts and servicing for cars, your business will require 24x7 monitoring. For automotive business owners, managing their credit card payments along with the nitty-gritties of their business thus proves very difficult.

To ease the load on small automotive business owners, several merchant processing institutions are now providing unique solutions through faster payment gateways created exclusively for automotive businesses. These solutions are not only helping automotive business owners better understand their monthly sales and profit scores, but is likewise helping customers pay their bills easily.

Various Payment Gateway Solutions

Automotive credit card processing has today blossomed into a lucrative option, not just for merchant banks and vendors but also for customers. There are innumerable payment gateways secured for transactions on automotive businesses, which help swifter processing of credit cards and the consequent cash delivery to the merchant’s account.

Customers can now access payment gateways online from the comfort of their homes and also have the luxury to make payments in loans through various schemes. This works well for large and small automotive business owners to accept payments wherever and whenever.

Be it an immediate payment at the point of sale location in the store or a payment through a mobile device – every kind of transaction can be keyed in through the different gateways. There are online payment gateways, mobile credit card processing for iPhones, Android devices and other smart phones, as well as several wireless processing options.

Several Benefits of Automotive Credit Card Processing

There are several benefits for both the merchant and the customer who use the modern tools in automotive credit card processing gateways.

• Payments can be processed through multiple devices and platforms, including wireless services.
• Quicker transactions whose updates are sent to both the customer and the merchant instantly.
• Works well for large automotive businesses which function across a multi-merchant or multi-user platform and operate out of more than one location.
• Allows superior business growth to mobile automotive businesses like towing services or urgent on-site repair facilities.
• Credit card processing is made easy for fleet owners who need processing of bulk payments.
• For customers, it gives greater scope to get special financing especially for services like an urgent car wash and car or tire servicing or while getting special rebates from auto dealers on purchasing a brand new car.
• Several loan options are allowed for customers who pay using particular automotive payment gateways. A period of 6 months to 1 year is often allowed on payments which are costly.
• Special waivers are allowed on payments which are made instantly. For example, for a body paint and repair service of $500, a customer who pays on the spot can expect a $50 cash back if he/she makes his payment using a particular merchant credit card processing gateway. Likewise for merchants, special discounts and rebate coupons in processing charges are also offered on certain bulk payments.

Today, there are several automotive credit card processing options like Payscoutwho provide both superior and secure electronic and wireless credit card processing solutions for customers across the US.

Credit Card Processing Made Easy for Small Businesses

Small businesses run on a tight budget and every little bit counts. Also, customers want sales to go through quickly and hence, they usually offer credit cards against purchases. For a small business owner, this means investing in a card reader, setting up a merchant account and paying a service fee to accept credit and debit cards. However, you should know a few things about credit card processing before you sign a contract with a company offering merchant services. 

We’ve listed below for you a few things you should consider and do before short listing a particular merchant service provider. 

1. Comparison Shopping is Necessary

Credit card processing deals tend to vary considerably. However, the only way to make sure you have the best deal is by comparison shopping. Get in touch with at least five different credit card companies and compare the rates along with features and deals. Make sure you also check the fees and penalties applicable on the account.

2. Understand Costs

Costs like interchange and assessments are critically important while evaluating credit card companies. Interchange refers to the fee charged by card issuing banks to processing banks for the acceptance of card transactions. These charges are the same for all processor banks. Visa and MasterCard charge assessment fees and they are the same for all processor banks. These fees influence how much you pay the company.

Big businesses save money by paying credit card fees through an interchange pass-through pricing model. Even if you do not understand the pricing, rate and fee structure, you can still save money by asking for the interchange pass-through pricing model.

Apart from these costs, you will be paying monthly fees like monthly statement payment fee, monthly minimum fees, gateway monthly payments, transaction fees, etc. These rates tend to vary and the only way to find out exact rates is by comparing multiple service providers.

3. To Contract or Not to Contract

Entering into a contract with a merchant processing services provider is a good way to ensure stability and regular sales. Companies may also urge you to get a contract; but, it is not really necessary. You can cancel your contract at any time and some processors are also willing to waive the contract for your business.

4. Equipment Availability

Merchant services companies are willing to offer small businesses a range of equipment to swipe debit cards and credit cards such as POS terminals, PIN pads, wireless terminals, tablets and mobiles with card reader software, etc. However, all providers offer equipment purchase or rental options. For small business owners, this can really help save money and it also allows them to return the equipment in case they decide to switch companies or go out of business.

Apart from real time merchant services, it is a good idea to incorporate online small business credit card processing services on the company website. For small businesses, this increases the sales they get without the need for a merchant account.

Third party providers now offer many more innovative and interesting credit card payment options and solutions for new businesses to increase their exposure and sway customers into buying products.

Credit Card Processing – How Does it Work

While the process of purchasing goods and services by swiping your credit card might seem very simple, there is actually a rather complex process at work behind this seemingly easy transaction.

We have explained below, in 6 easy steps, how credit card processing works.

1. The Purchase 

When you like a product or service, you purchase it with your credit / debit card, instead of cash. This is the ‘point of sale’ or POS, where your credit card details are keyed in. The POS could be the actual electronic card reader in a retail store, or it could be the merchant’s website through which you make your payment.

2. Data Transmission

Once the card is swiped in the reader, or its details keyed into a mobile device, or as in the case of an e-commerce portal, the credit card details keyed in by the customer – the details are recorded and transmitted through a ‘payment gateway’ application.

The payment gateway facilitates the transfer of sensitive card information between the POS (website, mobile device, retail store card reader) and the merchant’s acquiring bank, where the merchant/shop owner has his business account. Often, a third-party, called the payment processor, which functions on behalf of the merchant bank, collects these details. 

3. Payment Processor Screenings

Payment processors, usually a third-party employed by a merchant acquiring bank, screen and forward the card and transaction details to the merchant bank, the card association for verification and finally to the customer’s bank, which issued the credit card. Additionally, the payment processor also looks into aspects like the card’s country of origin, its former transactions and ensures anti-fraud measures to authenticate the transaction. 

4. Approval

This is a crucial step which involves the card association (Visa, MasterCard etc.), the merchant acquiring bank and the customer’s issuing bank. These institutions screen through every detail about the transaction. Though done through software applications, these processes determine the authenticity of the card, its expiry date, the card-holder’s details and the available balance in the customer’s account. 

Once the security screening and verifications are done by these institutions, the approval is sent back electronically to the payment processor. The payment processor transmits the approval once again via the payment gateway and back to the merchant. In case a transaction is not approved, the merchant receives an alert.

5. Completion of Transaction

This is the final stage where the transaction is all set to be completed. The merchant extracts copies of the receipt from the card reader, one for the customer, and the other as a copy for the merchant bank, which requires the customer’s signature. 

In case of a mobile or e-commerce website, the customer receives a message alert from the issuing bank, on the amount of money debited from the account, and the date and venue of the purchase.

6. Submitting a Closure

Closures are statements of all the credit card transactions made in a single day, which are forwarded by the merchant to the merchant acquiring bank. The acquiring bank then collects the funds from the respective issuing banks and deposits that amount into the merchant’s business account. This typically takes 48 hours.

Advanced computing technologies, employed for credit card processing today, allow the above complex procedures to be completed within a few seconds.