How Card Payment Processing Works.
How Payment Processing Works.
As a merchant, you don’t need to know every last detail about payment processing, but having a clear understanding of the basics will help you to make an informed decision when choosing a merchant account provider to partner with.
Payment Processing – Key Features
1) The Physical Device
You may already have an integrated POS device, you may be looking to buy one, or you may prefer a standalone basic or smart terminal.
2) The Software
Your POS system or terminal will incorporate the software (or API) required to link to your payment processor’s network and facilitate the processing.
3) The Payment Gateway
Sometimes, processors use a payment gateway to access the authorization network, while others have a direct connection.
4) Reporting
The ability to see and understand your transaction activities reduces errors and can cut down on chargebacks.
5) Enabling The Transaction
The whole aim of the payment processing solution is to facilitate card transactions – a good payment processor will provide constant support with minimal downtime.
6) ACH Transfers
Your payment processor acts as the bridge, allowing money to cross between your customer’s account, and your business’.
7) Security
Throughout every step of the process, the valuable cardholder data must stay protected and secure.
Solutions You Can Forget About!
Ironically, the sign of a great payment processing solution is the fact that you can set it up and essentially forget about it! That’s because, provided everything works well, the process should be seamless, intuitive, and basically invisible – to both you, and your customer.
What to Look for in a Payment Processor
1) Security
Whatever else your payment processor offers, the number one priority must always be security. The threat to cardholders’ data is real and constant. The best payment processors build a level of security into every software and hardware product they offer – from EMV enabled card terminals, through to secure e-commerce solutions. Features such as End-to-End-Encryption and tokenization are vital to ensuring data security is maintained right throughout the process.
2) Support
100% uptime and trouble-free transaction processing is a natural aim for any business… But the reality is that problems can arise. The sign of a great payment processor is their ability to offer the level of support required to address issues quickly and professionally.
Round-the-clock telephone, live-chat, or email support, with full cover for the holidays and weekends, is a must.
3) Integration
The systems and software that you use for payment processing should match with the exact needs of your business and integrate into your operations seamlessly. The solution that you choose should enable you to take payments in the way that works best for your business – and your customers.
4) Scalability
If you’re like most business owners, you probably have a keen eye on the prospect of growth. The best payment processing systems should empower that growth, while the worst may act as a brake, limiting your ability to expand! Choosing solutions that support change – without the need for radical upgrades or expensive additional outlay - is key.
Our Solutions
We can support every need your business has, with industry-leading payment processing solutions! We empower businesses to accept all kinds of card payments – credit cards, debit cards, gift cards, EMV, and even mobile wallet payments… We support them all.
We support payments made anywhere, anytime, using technology such as virtual terminals and mobile card readers.
We’re here to support your business. Let’s get started!
- National Transaction Corporation
- February 19, 2023 | 2023-02-19