Credit Card Processing
Credit card processing is the service of
enabling merchants to accept sales in credit
card format. The transactions are processed,
collected, fees are subtracted, and the
cash is placed into the merchant account
owner's bank account. Credit card processing
is only capable through a contracted merchant
account between a merchant account service
provider and a merchant.
Credit Card Equipment
Credit card equipment is the mechanical
and/or electronic devices necessary to accept
a customer's credit card for a transaction.
Credit card equipment works in conjunction
with your merchant account service provider
to pass your transactions through your merchant
account and into your bank account.
Credit Card Printer
A credit card printer is the device which
enables the printing of a card present,
credit card transaction receipt. Utilizing
a printer will help in reducing credit card
fraud, thus keeping your merchant account
in good standing.
Credit Card Terminal
If you want to accept credit cards in a
retail setting, then you will need a merchant
account and a credit card terminal. It is
the device that card present transactions
are swiped through, in order for a transaction
to be processed. The terminal will read
the customers credit card, send the pertinent
information back to the merchant service
provider, and the funds are collected from
the credit card issuing company. Once the
funds have been collected, they will be
deposited into the merchant's merchant account,
then into their checking account, minus
the fees. Credit card terminals range in
style, options, capabilities and price.
Very dependable and efficient credit card
terminals can be purchased at affordable
rates. Not all credit card terminals are
expensive, but all will require a merchant
account in order to process credit card
transactions.
Debit Card Processing
Debit card processing is the processing
of debit card transactions through your
merchant account, no matter what type of
merchant account or business you have
Debit Card Transaction
An individual sale from a debit card passed
through your merchant account, no matter
what type of merchant account of business
you have.
Debit Card Pin Pad
The device used by the customer to input
their 4 digit password when accessing their
bank account through their debit card. Debit
card transactions can also be processed
through a merchant account, but are subject
to lesser fees than a true credit card transaction.
Consult a merchant account specialist to
learn how to use debit card processing,
and credit card processing, for your retail
business. Non-retail merchants can also
process debit cards, but since the transactions
will not be face-to-face, the customer does
not have the option of entering their pin
code, and thus the transaction is not considered
a true debit card transaction. Internet,
phone, or mail based merchant account businesses
can still process debit card transactions
through their merchant account, but will
not see the benefit of lesser fees that
a retail merchant will.
Merchant Account Software
Software that is web or PC based, which
is used by the merchant to pass transactions
from their business to their merchant account.
This form of processing can be best suited
for merchants with phone or home based businesses.
Desktop software is usually used in conjunction
with a home merchant account and/or a phone/mail
order merchant account.
More
merchant account terms explained
Credit
Card and merchant Account Fees & Rates
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