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The Nuts and Bolts of Credit Card Processing

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The Nuts and Bolts of Credit Card Processing

Credit card processing online usually involves three components - a payment gateway, a merchant account, and a credit card processing company. Additionally equipments and software’s are also required. Equipments may include credit card machines, keypads or computers and software’s used depend on the type of merchant account and compatibility of the web site.

So, what happens behind the screens even as you swipe a customer’s credit card to make a sale? The card number and amount are sent to the credit card processor (an organization, which provides credit card processing services). From here it goes to the credit card computer network and from there to the bank that issued the credit card. The account is checked, verified and then information is received about the authenticity of the credit card. The issuing bank makes the appropriate payments for the customer and credit card processing company credits the merchant account for the transaction amount. A sale is complete.

Before you can accept payments online however, you need to open a merchant account. Setting up a merchant account usually involves approaching a bank or a merchant services provider. An agreement is then made between the credit card processing firm and the business owner, which establishes the rules for accepting credit card purchases and transferring funds. Money may be transferred into your business account either as a real-time transaction or during different times in a 24-hour period.

Terminals and gateways are the components that enable smooth and speedy financial transactions. Terminals are broadly classified as physical terminals, software terminals, and virtual terminals. An Internet payment gateway is used in a virtual terminal to take the credit card information from the virtual terminal to the credit card processing company, and check authenticity. Gateways also store the client’s credit card information on the processor's server.

There are a number of companies you can consider when looking for a credit card processor such as banks, third party credit card processing companies, independent sales organizations, financial service providers and associations. Banks are often stringent especially when it comes to a small or a start-up business. For the others, you need to do a research on the features provided and fees charged for various services, before deciding.

If, for your businness, reliable and efficient credit card processing solutions are what you are looking for, your answer is merchantaccounts.cc. You can get any account with ease, be it Internet merchant accounts, wireless merchant account or retail merchant account. Accept any credit card quickly and easily - Visa, MasterCard, American Express and Discover, etc. Benefit from free rebate program and free extended warranties. There is a whole new world of attractive credit card processing solutions waiting for you at merchantaccounts.cc!


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