Payment Processing - Secure, Accurate Solutions

tweakyourbiz.com

With all of the transactions being processed on a daily basis, have you ever wondered how payments get from your bank account or credit card to the vendor? Payment processing is actually a generic term. It refers to a secure, real-time processing system used for checks, credit and debit cards. When you are at a store or restaurant, you will be handing over the paper check, with a signature, or giving the cashier your credit or debit card. If you are using a personal check, the account information printed along the bottom edge will be entered into the point of sale system.

If you are using a credit or debit card, it will "swiped" along the magnetic strip on the back of the card. The data is transferred into the point of sale system, more commonly known as a cash register. The system will take the information entered and send it for processing. This information will include your name and address as well as the amount being submitted. The bank will then respond with an approved authorization or decline on the request. On a check, the signature is already complete. If the card transaction is authorized, a receipt will be printed and presented for signature.

The signature completes the in-person transaction. If the payment processing is for an online store, it is very similar to any other process. Instead of selecting the item off the shelf and taking it to the cashier, it is put into an electronic shopping cart. During the "check-out" process online, you will enter your personal and credit card information. When this information is submitted it goes to a payment gateway. A payment gateway is an e-commerce application that authorizes payments. It makes the transfer of funds from customer to vendor possible, similar to the way a cash register authorizes payments.

It provides protection to both parties by encrypting the details of the transaction. The entire transaction time, from the time the user presses submit, to verification of funds availability and authorization is usually about three seconds. The vendor sends the authorizations and the accompanying amounts in batches to their payment processing centers to be settled and funded. This may take up to three days. National Processing provides payment processing solutions for vendors to accept online credit cards as well as electronic check payments quickly and easily. Features include the ability to accept recurring transactions, reduce fraud and assist with charge backs.

Related Post :
is-e-commerce-merchant-service-required
payment-processing-ebay
virtual-merchant-payment

My name is Wayne Hamilton, I am writing for National Processing their quality of service and and low cost will save you time and money. For more information on Payment Processing, please contact one of their representatives by phone or form. You can also fill out an application right online at www.NationalProcessing.com.
Article Source: EzineArticles.com