subject: Merchant Credit Services in 5 Steps [print this page] In order to accept credit cards at your business you must be an approved merchant with a validcredit card processingmerchant account.I recommend www.transmerchant1.com This company offers a free compareUSchooseUSfree ompetitor analysis with quote and receive a free $75.00 gift card upon a approval.
Merchant Credit Services in 5 steps:
1. Your customer ( the consumer) presents their major credit card, atm card, or gift card or check at the time of purchase for payment.
2. You (the merchant) accepts the consumers credit card for their purchase. You (the merchant) have multiple ways to accept and process the credit card. One option is to swipe the magnetic strip on the back of the credit card with your credit card terminal, or credit card swiper. Another option is to key-in the credit card into the credit card terminal, online gateway, or over the telephone.
3. The major credit card, atm card, or gift card is processed through the system to the bank authority on a phone line, internet connection or a satelite service for approval or decline. This is called a transaction.
4. Once all the transactions (payments) have ended for the day. You (the merchant) must batch(via a button on the credit card machine)or auto batch (setup a predetermined time)all payments through the credit card machine to access funds in your checking account that was provided when you opened your processing account.
5. All transactions will now deposit into your checking account on file within 24-48 business banking hours. This is called funding.
