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A FEW COMMON METHODS TO PROCESS OFFSHORE CREDIT CARDS

To run your business successfully you need to accept credit card payments from your customers. Without this, most of your potential customers will not make any purchases from you unless you are selling something that is highly exclusive. However, processing of credit cards may be highly confusing for beginners. There are numerous methods by which credit cards can be processed. Choosing a method which is most beneficial for your company is something that requires both time and effort from you. Listed below are some common methods that are available in the market for you to choose from.

Credit Card Terminal

These are small machines usually black in colour found almost in every retail store. Almost all the retail stores and restaurants use this mode to process credit cards from their customers. Typically, the customer’s card is swiped in the machine and the machine will scan the magnetic strip of the card to acquire the details of the card holder. Then, the bank that issued the card is contacted to verify the details and a reply status is sent which determines whether the transaction is successful or not.

This is very simple however; you should beware of several hidden charges when you choose this mode. Though the terminal might seem the best mode for your business, you should look more carefully once again for the best mode.

Automated Response Unit

Many times it is necessary for you to process credit cards from consumers who place their orders through the telephone. An ARU is a device which accepts credit card details from customers through their phone. This is a good choice for those companies that want to reduce the cost of accepting credit cards.

Payment Gateway

Merchants who have online businesses and want to accept credit cards from customer’s can do so by obtaining the payment gateway. When the customer enters his information, it is encrypted before being forwarded for verification to the bank that issued the card. The bank will respond with a status message that either approves or denies the request. The response retraces the route which was taken by the request message. Finally, the website will receive the message and action will be taken. The entire process will only take few seconds to complete.

Tiered Level Purchasing Cards

Purchasing cards are used by companies to make payments to their service providers or suppliers. This method is preferred by most of the companies since they find it to be very convenient as it allows high volume orders minus the extensive processing work that was needed in the traditional methods. A large company will purchase several thousand items in a year. If it followed the traditional method then the company would have had to spend lots of money for only the processing part. P – Cards eliminate such extra effort.

Merchant Accounts

It is a contract between any financial institution and the business to accept payments through credit cards. Effectively, it is like the bank providing credit for the business.

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.