subject: Merchant Credit Card Processing [print this page] As most of us know, credit cards have become important to the consumer. The same goes for merchant credit card processing, which is how different businesses process your credit cards. But, the good thing is technology is advancing every day. So, the process merchants have to go through is getting a lot easier, as time goes by.
Many of us dont realize how elaborate merchant credit card processing is because we just pay for their products, and we dont give it another thought. But, after we pay for these products, our information is then recorded by the company. Next, the information goes through a verification process, so the merchants can get paid. But, what nobody knows is there are three different ways merchant credit card processing is used. The first way is through manual entry, which is when the merchant enters the information themselves. This is the most common method for businesses that work over the phone.
The second way is to use what is called a card imprinter, which was the preferred method for most merchants. Youre probably familiar with this method because its the act of handing over your credit card, as the business makes a copy. However, this method has generally become obsolete for merchant credit card processing because of new technology. Which brings us to the third method of merchant credit card processing, the Point-of-sale. This is a keypad where the customers slides their card, and signs a copy of the receipt. Point-of-sale is the most efficient method, for both the customer and the merchant.
In fact, this whole process takes about three days. So, its also the fastest form of merchant credit card processing. And, in this new generation its becoming the most used method. Its very rare that you buy from a business who doesnt swipe your credit card. Even most small businesses have learned to enjoy this new technology. This is because they know its just as convenient for the customer as it is for them. So, as far as merchant credit card processing goes, its the only one that really matters.
Currently, credit cards have become the preferred method of payment. For this reason, the way we use them will be forever changing, which isnt necessarily a bad thing. Day by day, merchant credit card processing is becoming easier and easier. And, as a consumer, understanding the process is almost as important as engaging in the process.
