Basic Step-by-Step Guide to Merchant Payment Processing

Many of us must have used a payment processor at one point or another. It could be a bank, an accredited merchant service provider, or a specialized tech company like Paypal or Payoneer. In any case, we must learn the basics if we are to fully maximize such innovation in our respective businesses.
Merchant services processing

merchant services processing

The entire process can be divided into 3 parts:

  • Authorization
  • Settlement
  • Financing

Authorization Procedure

This is the first step of the payment processing system. If our customer fails in this process for some reason, he cannot possibly move on to the next level.  And this, of course, means lost revenues.

There are three ways to get approval for such process: through phone, credit card or through an e-commerce website.  And the sub-steps are as follows:

  1. The client submits his credit card details through any of the channels above.
  2. The merchant then transmits the info to the payment processor through a swipe machine or via a website.
  3. The merchant service provider requests from the Card Company such as American Express, MasterCard or Visa.
  4. The Card company then requests from the bank of issue.
  5. The Bank of issue will then approve or deny the request and hence, inform the Card company
  6. The Card company send the response to the payment processor
  7. The payment processor then forwards the details of the transaction thus far to the merchant.
  8. The merchant gives the final word to the client whether it is approved, declined or referred.

Incidentally, referral means a merchant, card company but usually a bank requests for another piece of information for authorization and verification purposes such as when the purchase was made outside the country, or there were large amounts of transactions over a certain period of time. Also, it is good to note that all of the processes outlined here happen in real time and in a few seconds almost simultaneously.

Settlement Procedure

At this point, it is now between you or your business and the payment processor. As far as the customer is concerned, his transaction is already consummated.  The following processes then take place:
  1. The merchant submits information to the processor via a certain settlement request or trigger.
  2. The payment processor then forwards that request to the Card Company
  3. The Card company confirms to the issuing bank once again.
  4. The Card company issues credit to the payment processor while charging the bank of issue for the transaction
  5. The Bank of issuance then issues a debit memo or collection request from the client who made the purchase.

Financing Procedure

Depending on the parties and terms agreed, this final procedure involves the payment processor making a deposit to the merchant’s account. What merchants have to consider here are deadlines, cut-off periods and holidays which may affect the length of time before the settlement/reimbursement amount show up in the merchant’s bank account.

In summary, this is just a prologue to the actual complicated process flow that occurs in merchant payment processing. But feel free to let us know through this site if you have further inquiries.

Merchant Solutions for Logistics Services

There is a whole range of application for merchant services anywhere you go in the world.  With every business and transaction going global, it is nothing new for both traditional and non-traditional businesses. Every business these days needs fast and secure merchant services. Our company provides resources to help you out in this area.

payment processor for limo rental services

Gone were the days when you have to physically drive or walk to either the actual store or a payment center such as a bank or money sending centers to complete a transaction. The intermediaries are in fact losing business in this specific division. Not to worry though as they have other innovative ways to compensate for the said loss. But the greatest benefit here would be to the customers themselves. Unfortunately, so are the risks.

The advantages of having a reliable and reputable merchant solutions provider are huge. Logistics companies are on the receiving end of such services. And we are not talking about just the prominent cargo logistic companies like FedEx, DHL or UPS, which is a misnomer since people equate logistics synonymously with cargo. Those passenger logistics services such as those in Car rental services or limo-for-hire service providers also form part of this broad category of businesses.

They, for one, believe in the power of merchant services especially with this passenger transport industry going through different periods of innovation and development in their financial systems over the past two decades.

Like the example above, you too can start scouring the site for additional insights on the value and process involved in merchant payment processing especially if your business has some considerable online presence too.

Things you need to consider are the following:
  • Track record
  • Efficiency
  • Security
  • Customer service
  • Dispute resolution

To truly thrive in the business arena of this millennium, you cannot afford not to automate and globalize your company. This step in leveling up your transaction process, along with other key processes such as point-of-sales, is a huge step towards achieving that goal and keeping your business competitive for the next 30 years or so. We wish you all the best!

 

Benefits of Working In Certified Payment Processing

No matter what kind of company you end up in, there will always be benefits for working in any particular business. You will get paid, sometimes you have some extra benefits and sometimes you don’t. However, there are certain companies that do reward handsomely, simply asking for loyalty in return. One such company is known as Certified Payment Processing.

While similar to any other company out there, this particular company makes it their business to keep other businesses afloat. And unlike certain kinds of companies, it takes very good care of its employees. Even the commission based jobs that make working in CPP less of a calling and more of a part-time job grants the opportunity to gain more money than most other companies.

This is because of Certified Payment Processing’s goals and experience in its field. It is one of the leading innovators of businesses that increase the revenue of smaller businesses that in turn help CPP earn its own stock because it is using the equipment of Certified Payment Processing. As an employee there, you will have a chance to be a part of what makes the company so great.

There are plenty of different kinds of jobs that require certain specialties, meaning there are a wide variety of people who are given the chance to work for CPP. With an incredibly generous commission structure—something that was not built overnight but instead blossomed over twenty years of life, its main employees are given a steady amount of bonuses, and recruiters are given more if they manage to do their jobs well.

In fact, recruiters stand to earn the most because Certified Payment Processing offers the kind of jobs many people need for the amount of money that many people would be satisfied with. So it is almost too easy to recruit new employees, especially these days when so many people are jobless.