Credit Card Processing How Is It Done If you are a budding merchant and wants to put up an online business the first thing you need to do is to acquire a payment system wherein your consumers can buy and pay whatever items they found in your online store. To get things going a credit card always comes handy to kick off the buying and selling industry online. So to run a successful online business you should know how to choose your reputable credit card processing provider to help in your day to day payment transaction with your consumer. Although, finding a credit card processor for your company is quite difficult not only each of them offers different platform and charges, you might end choosing a wrong one. And if this happens you have no choice but go back to square one. Scary it may seems but you have to face the fact without a company to process your customer’s credit card payments your business is totally off the hook when it comes to online selling. Here is a two short tip on how to set up a credit card processing for your online business. Create a gateway account: - Make sure your gateway account convey with the Payment Card Industry Data Security Standard requirements. - Make sure it has a secure socket layer to guarantee all transactions are protected. - It has fully equipped e-commerce incorporation which includes email receipt, shopping basket and support recurring payments. - It has a fast customer service support Create a merchant account: - Fill up the digital application form. The application process takes 1 to 2 days. - Add shopping carts. Some credit card processor requires shopping carts on the website. - Protection from fraud. Merchant account should have a program to verify credit cards. - Should have payment gateway
- Monthly and transaction fees. Merchant services constantly make money on their business transaction. In connection with acquiring a reputable company to process your customer’s credit card payments don’t forget to evaluate the following set of features that you think is most favorable for your business such as rate and fees, application process and what will you expect from these credit card processing companies. After setting up your credit card processing for your online business the next thing you need to know is how things will work once it started. - The customer will buy and pay - The payment gateway service will transmit a record about the transaction at the merchant bank’s processor then it will route back to the cardholder’s bank. - Once verified the cardholder’s bank can neither approve nor decline the transaction and the message will send back both to the merchant and cardholder. - Given it was approved the merchant will deliver the goods to the customer - The cardholder’s bank transmits the require amount to the credit card processing system who transfer the customer’s payment to the merchant’s bank. End of transaction. If you think you are ready to put up your online business make sure that you gather enough knowledge and information to help you pull through with your chosen business venture.