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Credit card processing is an absolute must for any 21st Century retail business. Credit and debit card have rapidly become the UK customer’s favourite method of payment after cash. The Payments Council even recommended phasing out cheques by 2018. That recommendation has since been withdrawn but the facts still speak loud and clear: if you can’t do credit card processing, you’re inevitably turning business away.
Companies which provide credit card processing offer a number of solutions to make sure your customers have all the payment options they need. Choosing the right credit card processing provider for your business depends on what you’re selling, who you’re selling to and how you’re selling it.
Credit Card Processing: The Process
Credit card processing isn’t a simple matter of a single transaction between you and your customer; there are in fact several parties involved:
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The Payment Processor: The company which collects the customer’s card details, transaction details, and transmits them in a secure way to the other parties.
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The Card Association: E.g. Visa, Mastercard. They verify the authenticity and security of the transaction (PIN etc) and forward the request to the customer’s bank.
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The Issuing Bank: The customer’s bank, who respond to the request with an acceptance or declination. In cases where the transaction is declined, a reason is also usually provided (e.g. insufficient funds)
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The Acquiring Bank: Your – the merchant’s – bank, to whom you submit your authorized transactions and who then release the money to you.
Often, credit card processing providers combine the functions of The Payment Processor and The Acquiring Bank, providing you with both a merchant account and a payment gateway. This could be a bank with which you have a business bank account or a dedicated credit card processing company.
Credit Card Processing: The Options
Different kinds of business require different kinds of customer interaction and therefore several methods of credit card processing are available:
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Face-to-face: Credit card processing via a chip and PIN terminal for businesses who conduct most of their business over the counter.
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Virtual Terminal: A software based solution for mail order or telephone ordering companies.
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Online Payments: For selling goods and services via an e-commerce website.
Many credit card processing providers can provide combinations of these services for businesses with a range of retail operations. Choosing the right provider entails checking standing charges, charges for the rental of any hardware, turnaround times for payment processing as well as fraud prevention and data protection industry standard compliance.
Quotes for Credit Card Processing
Approved Merchant Accounts provides a fast, free method for comparing leading Credit Card Processing companies in the UK.
Fill out one simple enquiry form to receive up to 4 no-obligation quotes from Credit Card Processing Companies today.
Get Quotes for Credit Card Processing
