How Send In Statements Takes Advantage of the Credit Card Processing Industry

How Send In Statements Takes Advantage of the Credit Card Processing Industry

Today, it's a necessity for businesses and commercial establishments to accept credit cards. And to be able to accept credit cards, a merchant needs a credit card processing provider. The processing provider, in a nutshell, is the one in charge of assessing every credit card transaction done and sending these transactions to the funding institution that will pay for the credit card usage.

The need for this service, which is part of an industry that's actually worth trillions of dollars in America alone, is taken advantage by Send In Statements.The said company's business model allows people to take part of their operations and earn money in the process.

But in order to understand how Send In Statements works, it is important to know how card processing is done.

Every time a cardholder uses his credit card to pay for any item or service in a store, a data is stored in a point-of-sale terminal. The information stored here is then submitted by the merchant to the acquirer. The acquirer is the company or organization that processes the card for the merchant. Send In Statementsis not an acquirer; rather, it recommends an acquirer to its clients.

In any case, the acquirer verifies the validity of the card. This is done instantly. The data of valid transactions is stored and then sent to the card association (basically the one that serves as the in-between for the acquirer and the funding institution). The card association charges the card holder and gives the acquirer credit. After the acquirer is paid, the merchant gets his payment. Everything is completed in a manner of days (sometimes, as in the case of Bank of America, it only takes less than 24 hours).

This simple illustration of the processing procedure indicates how Send In Statements offers an important innovation.

Basically, what Send In Statements does is refer merchants to an acquirer or a credit card processing service provider that offers cheaper rates and better service. Although the model is very simple, it is something that is not fully utilized today. This makes it extremely profitable for agents and the company itself.

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