So you are a merchant and ready to start your own
e-commerce business. That’s commendable! You are going to need 3 things: a
website (obviously), products (of course) and lastly, a company offering merchant
credit card processing online.
Not just any traditional merchant account or credit card
payment processor can do this. You will require one that is customized for
online businesses with decent rates and compatibility with your website.
Since people all over the world are busy shopping over
Internet, off late, every store owner comes to realize that their business
needs to have an online presence. With online businesses quickly booming, so
does the requirement of merchant service providers. The process of moving
business online starts with complete understanding of e-commerce ins and outs.
Among topics how to start an online store and what to sell online, the most confusing
one is how to accept credit and debit card payments online.
The credit card transaction process may simple at the
first glance with customers swiping their cards, and before they know it, the
transaction is done. Behind each swipe, however, is a significantly more intricate
procedure than what meets the eye.
The online payment processing industry is loaded with
jargon that requires patience to be understood, especially through an outsider
eyes. Some brilliant person however has said, if you can’t explain it to a child,
you do not understand it yourself. You got it right; these are Albert Einstein’s
words. If you don’t understand payment processing basics, you won’t be able to
accept payments online.
With the help of a merchant credit card
processing online, you can give your customers a quick,
secure and seamless checkout experience. This in turn will allow safer,
reliable and faster service, hence increasing customer satisfaction and motivating
them to shop more. Internet advent has made customers take advantage of online
shopping or place an order at comfort of their office, home, cafe, restaurant
or any other place they wish to.
How
Credit Card Processing Works?
For the customers the credit card payment is simple either
online or offline. A customer selects an item and goes to his/her cart and pay
for it. The buyer won’t be able to understand the magic of the process where the
money gets transferred from his account to the seller’s, unlike the merchant. In
fact, swiping the card and signing the receipt are only the initial and final
steps of a complex methodology. And the entire process, though happens merely in
a few seconds, includes lot many stages and various factors working behind the
scenes.
To thoroughly get the idea of how merchant credit card
processing online works, you require knowing the major players engaged with
each credit card transaction and what goes into the payment procedure itself.
·
Merchant:
These are all business types that accept card payments in exchange of their
goods and services.
·
Cardholder: A
person who issues a debit or credit card from the bank as per an agreement or
terms of service, and then swipes the card while paying for any goods bought at
merchant locations.
·
Issuing
bank: These are the credit unions and banks that issue credit
and debit cards to the consumers.
·
Acquiring
bank: They are also known as the merchant bank, who goes on a
contract with the merchants to create and maintain merchant accounts allowing
merchants accept the card payments.
·
Card
associations: These are the brands of cards namely,
MasterCard and Visa.
Setting
Up a Merchant Account with Us Is Easy!
We at ipaydna.biz stand apart from all other credit card
processing companies by offering complete merchant solutions catering to your
business needs. Our multitude of options can help you grow your business with
our convenient, cost-effective and secure payment solutions. Let us help put
your business on the path to success with a low rate merchant account. For more
just Visit us today our social media page : https://www.facebook.com/ipaydna
Hope you found the post helpful! For any queries, leave
your feedback in the comment section below. Stay tuned for more!
