Credit Card Processing
Whether you accept payments in-person, online, or while you're on the go, we provide your business with the processing technology it needs, backed by our professional and reliable team.
How does it work?
- • Consumer-level credit card processing begins when a customer uses their credit card to make a purchase and gives the merchant their payment information.
- • The merchant uses one of two methods—either in-person as a "card-present" transaction or online or over the phone as a "card-not-present" transaction—to receive and collect the payment information.
- • Then, the credit card processor forwards the payment information to the card network.
- • The consumer (issuing) bank receives the payment details from the card network after that.
- • The consumer bank is in charge of confirming that the cardholder has enough money on hand or credit available to finish the transaction. To confirm that the transaction is legitimate, the bank could conduct security checks. After making a decision, it notifies the credit card processor of its decision and either approves or rejects the transaction.
- • The funds are transferred from the consumer bank to the merchant account and then enter the settlement procedure if the consumer bank has verified the transaction.
- • The merchant normally receives a notice on the card reader or virtual terminal informing them whether the transaction has been "accepted" or "declined" as the notification goes back from the consumer bank to the point of origin of the sale.
- • Depending on the card network that was used for the transaction, settlement, the final step in the process, may take several days. Settlement is the formal transfer of the transaction amount, less any applicable processing costs, from the consumer bank to the merchant bank.