How Online Credit Card Processing Works
Credit card processing is a fairly simple process. There are a few simple steps involved in every transaction. Reading the steps will help you learn how online credit card processing works and understand what to expect from online credit card processing.
What is Required? Businesses using an online credit card processor will be required to open two accounts. One will be a merchant account and the second will be a checking account with the bank. After each transaction, money will be placed in a merchant account.
A company must also have a website with a shopping cart. This will be the origin of all transactions. Our service will integrate with these existing tools to provide a comprehensive online payment service.
How the Payment Gateway Works. Customers visit your website and add products or services to their shopping cart. They proceed through the checkout process to complete the transaction. During the process, information such as mailing address, billing address and credit card information will be collected.
Once the information is received by the payment gateway, processing will begin. The transaction information is sent to the credit card issuer’s bank. The information will be verified by the bank before the payment is processed. Once verification is received, you can ship your product or complete your service.
How the Verification Process Works. During the verification process, banks are making deposits into your business account. Once the money is received, shoppers will be informed that the order was accepted. Tracking numbers or order numbers usually accompany emails sent to customers. If the credit card was declined, buyers will also be contacted via email.
Credit Card or Debit Card Processing Fees. Everyone charges different credit card and debit card processing fees. Research is required to find the best fee structure available.
Integrated Card Service charges pre-determined fees to customers. The fees vary based upon a variety of conditions. Contact a representative to find out specifically about our fees. We offer competitive and affordable pricing for companies. Our solutions are far more robust than other free competitors online.
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