Merchant Services

How Merchant Services / Processing Works!

When a customer pays for products or services with a credit card, the card information is recorded manually (imprinter) or electronically through a credit card terminal and then verified for payment. The process takes 4 stages for completion.

  1. Authorization: The card holder pay for goods or services with a credit card. The Merchant submits the transaction to their processor who immedialty verify's the card is good and provides an approval code for sale.

  2. Batching: (Usually happens at the end of day) After the above transactions is accepted it is stored in a batch the merchant sends to the Processor

  3. Clearing and Settlement: The processor sends each transaction in the batch to the issurer of the credit card holder. The issurer inturn pays the processor for the transaction.

  4. Funding: Once the processor has been paid, the merchant is paid less their discount for the cost of accepting credit card. This happens daily or monthly and the merchants account is the debited.

What is a Merchant Account?

 

A merchant account is a specific account that is setup for a business organization to accept and process credit card orders.  After processing a customer’s credit card the transaction goes through a series of complex stages.  The money transferred through the merchant account is then deposited into the business's checking account within 2 to 3 business days.

 

Getting important data together of time will ensure that you breeze right through your merchant account application process. In order to process credit and debit cards through your merchant account, you need to decide which processing solution is right for you.

 

Fill up the online application form and start accepting credit cards for your business.


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On 23rd May 2007


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Merchant Services