The Steps of Payment Processing
Most people are unfamiliar with the steps of the average payment processing system. In reality, there’s a lot going on behind the scenes! First, whether you’re using a standard terminal, virtual terminal, or a POS system, the credit card information is transferred through the credit card network to the issuing bank for authorization. Then, the issuing bank verifies the credit card in the authentication stage. Lastly, the transaction is cleared and settled.
Basic Features
Any good business needs a certain set up of basic features in order to keep their system running smoothly. To start, you need the hardware (payment terminal) and the software (API, or application programming interface), as well as a payment gateway to access the network. Your payment processor can help you accurately gauge the combination that best suits your company needs.
Work with Bank of Merchant
Working with Bank of Merchant will ensure you get access to the tools and advice your business needs to thrive. We have the knowledge and the skillsets to get your business on the pathway to success!
Contact a Bank of Merchant live agent today to get started on installing the right payment processing system for your company!