Merchant credit card processing system meets the needs of both the consumers and merchants.
Consumers today are getting their goods and services using their credit lines instead of cash.
If you are a merchant, it necessitate for your business to have the merchant credit card processing system.
This system provides the authorization, processing and management of all credit card transactions.
Merchants are guaranteed with the accuracy and convenience in terms of management and reporting of all payments made through this credit card processing terminal.
Advantages of Merchant Credit Card Processing over other forms of Receiving Payments
When a merchant is considering a merchant credit card processing system, he understands that it has the advantage over the usual business transactions that use cash as payments.
Using the system provides safety, ease and reliable level of accuracy.
Many people are reluctant of shopping with cash because of it has a limited capability on items with high price tag.
Fewer buyers are using checks because of the probability of identity theft. Checks would require the recording of personal information that many consumers may have second thoughts about sharing.
In dealing with concerns over stolen checks, most merchants would require a pre-authorization to be able to use them. Due to this, consumers would rather utilize credit cards.
Large amount of cash would be tempting to employee theft as well as possible money counterfeiting.
Cash has an anonymous form as a medium of exchange; and when it comes to dealing with the bad element of the society, they would prefer accepting credit card payments that have an identity of the user with them.
How the Merchant Credit Card Processing Works
1. The merchandiser sets up a merchant account that gives the establishment an authority to accept and process transaction using credit cards.
2. Upon acceptance of the customer’s credit card, the information of the card will be escalated to the bank that will process the transaction.
3. The processing bank in turn, checks the customer’s account for available funds, and deducts accordingly the required funds.
4. The amount deducted from customer’s account will be transferred to the account of the merchandiser. The turnaround time is usually from two to three business days.
5. Should the customer have no available funds in his account, the credit card will be rejected and the corresponding notice will be transmitted for the information of the merchandiser.
What are the Requirements to Avail the Merchant Credit Card Processing System?
The merchandiser must be ready with a checking account where the funds will be transferred.
The documents needed are the business license, incorporation papers, and ID photo. This is to establish that the business is legitimate.
The photocopy of Driver’s License will be included.
In some cases the owner should be ready to present photocopy of the latest income tax returns, photocopy of return policy information, list of the merchandiser’s trade references, copy of voided check, and Social Security Number.
The merchant credit card processing system can be utilized by large-scale and small scale wholesale and retail businesses.
It accepts and processes credit card transaction coming from major credit cards such as MasterCard and Visa.
This highly reliable system has earned the favor of merchandisers and consumers alike.
With its reasonable and acceptable rates, your business will benefit with secured merchant credit card processing system, and help in attracting profit.