A Sellers Essential Tool: Merchant services credit card processing
Credit cards are the new form of currency. Businesses who have understood this are providing every convenience to enable the customer to make their purchases.
That includes tying up with companies providing merchant services credit card processing facilities. A merchant service is the American term for a company that provides a wide range of services specifically to business owners or sellers. Essentially when a customer uses his credit card at the store, the transaction is registered on a point of sale terminal and then the seller is subsequently paid by these merchant services credit card processing companies.
A credit card terminal is a piece of electronic equipment which allows the vendor to swipe and/or enter the credit card information as well as any additional information (such as password validation by the customer) in order to carry out and process a transaction. This is dedicated equipment which is used only for processing credit card related transactions although debit cards are also accepted. Merchant services credit card processing. Certain types of these machines can also be used process gift cards and perform verification of check as well. Since it is electronic the machine is required to be plugged into an electrical power socket and is also attached to a telephone line. This is because information between the vendor and the financial institution will be passed over the telephone line. Different variants of this machine can also be battery operated, can work over the Internet or are 3G enabled which means they can operate using the mobile phone network. When the credit card is processed and the verification is completed, the authorization of the fund transfer takes place. The machine will upload the billed amount to the merchant bank or a third party financial company who will then transfer the funds into the merchant bank. Merchant services credit card processing.
The basic design of the credit card machine has not changed in almost three decades. These machines have a built in modem, numeric keypad, magnetic strip reader, printer for the receipt, memory for data storage and of course power supply.