A Definitive Guide To Credit Card Payment Process

For decades, purchasing with a credit card has been a normal procedure. If it is an e-Commerce transaction, filling the card information and other essential information is sufficient. This process takes only a few seconds to finish. However, there are several processes between the card swipe and the receipt of the swipe. All of these actions are important elements of the credit card payment process.

As a business owner/merchant, you should now have a general understanding of the process. 

What is Credit Card Processing?

Customers make purchases and choose to pay using a credit card. When clients begin card payments and merchants enable card payment acceptance, the entire process of transferring funds from the card payment to funds deposited in the bank account is referred to as credit card processing.

The credit card processing framework is a template that guides payments to travel in the appropriate direction during the transaction and acts as an investigator when they take a toll.

Entities Involved in Credit Card Processing

With the support of inflexible network infrastructure and many stakeholders behind each network architecture, the credit card processing network actively processes millions of transactions.

1. Card Holder: The Consumer. 
   
   
2. Merchant: The owner of an online selling platform or an offline store.
   
   
3. Payment Processor: These organizations are in charge of communicating and relaying information from credit cards to both issuing and acquiring banks. Payment processors use a combination of hardware and payment software developments to collect, receive, and accept payments.
   
   
4. Issuing Bank: Customer’s bank/ cardholder’s bank. These banks issue cards on behalf of credit card networks.
   
   
5. Acquiring Bank: Merchant’s Bank.
   
   

Payment Gateway: Provides a safe link between the shop's website and the payment processor

Choose The Right Payment Terminal For Business

We are here to assist you in selecting the best payment terminal for your company. Some small decisions may not be as important to the success of your organization, but others will have a significant impact. So, let us examine some of the deciding criteria.

Location: 
Examine the location of your terminal. You must decide whether a countertop, mobile, virtual credit card terminal, or a combination of these, is best for you.

Countertop Terminals:
This is what you would find in a physical store. They will accept credit and debit cards and provide safe transactions.

Mobile Terminals:
If you have a mobile business, you can use these in conjunction with your countertop terminals or on their own. All you need is a Wi-Fi connection and a phone or tablet to accept card payments no matter where you are. 

Brand

There are numerous brands to choose from when looking for credit card terminals. Working with a payment provider that offers numerous payment options and can assist you in finding the best solution to match your needs is the best option.

Budget

Consider your budget as another technique to narrow down your possibilities. When you consider all your possibilities, certain credit card terminal options will inevitably be eliminated. All options are systems with flat-rate pricing, tiered payment, or interchange-plus pricing.

End Note

Finally, the credit card payment process is becoming a must for businesses. And a fast, secure, dependable, and simple-to-integrate payment processor that can assist you while also saving your customers time and effort. Check out SlidePay.me if you're looking for a dependable payment processor.