subject: Using Your Online Credit Card Processing System [print this page] Being an online merchant is stressful enough; do you really want to be worrying about how to do all of your online credit card processing every time you make a sale? Yeah, didn't think so. Fortunately, you can hire experts who have already created a gateway and set up the infrastructure to make sure your customers' information is secure and the payments are going through quickly every time.,
It all starts at your website. Customers browse online, select purchases and head to the online checkout corner, where they put in their financial information. Your website automatically submits the transaction information to your online credit card processing system; this can be done using a secure Internet connection or wireless device. Your bank processor then receives the information from the system.
At this point, your bank submits all of the information to the credit card network, made up of a number of financial entities that deal with processing, clearing and settling transactions made through all online credit card processing systems; then sends the transaction along to the bank that issued the customer's credit card.
Then that bank, depending on the amount of money or available credit the customer has, will approve or decline the transaction and sends this result back to the credit card network, which sends those results back to your bank. Your bank will then notify the company running your online credit card processing system, which stores the results and notifies you and/or your customer.
Aren't you so glad you don't have to worry about this? It sounds difficult, but it only takes a few seconds, so you and your customer know right away if the sale is approved.
You don't actually get paid right away; the customer's bank follows the same step as does approval for the transaction when it sends the money, although it bypasses the online credit card processing system and goes straight from the network to your bank. This generally takes a few business days.
Today's solutions for online merchandising are as easy as swiping a credit card at the store, and it offers far better hours and good security for all your customers while providing you with access so you can manage the transactions in your account. This allows you to focus your efforts on growing your business while you leave the financial transactions to the experts.
by: Claybourne Housman
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