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BENEFITS AND WORKING OF OFFSHORE CREDIT CARD PAYMENT PROCESSING

The biggest mode of payment processing in business today is the “Credit Card Payment Processing”. The processing of credit card is very simple which involves swiping the credit card in the credit card terminal. The terminal will read the details that are embedded in the magnetic strip and send it to the issuing bank. The bank will either accept or deny the transaction after verifying the details and the credit limit.

Since the technology of today has made it very easy to process credit cards and also it is a very convenient and safe method to make payments the customers of today demand that the company accept payments through credit card. It also helps keep a track of your expenses if you use it wisely.

The network which processes the credit card comprises of the card holder, the card issuer or bank and the owner of the merchant account or the trader. The payment is made by exchanging information first and then the money, which is transferred from the credit account of the customer to the merchant account of the business owner.

The processing of credit cards actually involves a number of steps by the credit card company or the bank. The steps which have to be performed before the approval or denial of a credit card transaction are:

1)    The merchant swipes the credit card through the terminal and then dials the number of the credit card or asks the card holder to do it.

2)    The credit card company or the bank verifies the account details of the customer, the validity and finally the credit balance that is available on the card. The purpose of the purchase is also verified.

3)    After the verification process, the approval or the denial of the transaction is sent back to the merchant. If it is approved then the customer has to sign a receipt and give it to the trader.

4)    A commission amount is added to the merchant account as soon as the payment occurs.

Therefore, the processing of credit card payments is not only easy but also very quick. With the current technology it takes less than 5s to complete the entire transaction.

These “Credit Card Payments” are not only convenient but also very safe and secure. The steps that happen after the swiping of the credit card not only protect the merchant against illegal payment or fraud but also protect the card holder by keeping the card details safe.

Some of the advantages of having “Credit Card Payment Processing” are:

  • It avoids carrying excessive cash in the pocket.
  • It allows the customer to buy the products he likes and pay for it later.
  • If the card is stolen the customer can deactivate the card and save himself from loosing money.
  • The image and reputation of the business is boosted.
  • Helps the business to make more sales.
  • Improves your credit score if used wisely.
  • It helps to maintain expenses and accountability.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.