Guaranteed Business Growth with Credit Card Payments
According credit payment options to the customers definitely brings in more benefits as the comfort of making payment through any device like mobile, tabs, computer or via software like QuickBooks, ensures customers remain satisfied and stay on with the company for a long time.
In order to garner utmost advantage out of credit card processing user needs to be well aware about different aspects of the related process, payment system, common problems to avoid, key contributors, features and tools to look for and lastly how to offer lowest possible fees. This PDF deals with the same topics as listed below to provide all the required information right under one platform.
- Key Contributors and Players
- Get in the Know-How of Credit Card Process
- Reduction of Processing Fees of Credit Card
Key Contributors and Players
Once a payment is accepted through the method of credit or debit card, to complete the process many units combine efforts for successful completion of the transactions. The main units are:
- Merchant Bank – The commercial organization offering the user with an account with themselves. This institution tackles the process with the users account along with a fee that is denoted as discount rate.
- Issuer or Issuing Bank – The merchant institution according the credit card option to the end customer.
- Card Payment Brand – Agencies like American Express, MasterCard or Visa are the brands considered for Card Payment. Their basic function is to charge a fee called Interchange Fees with the user as discussed with the issuing bank. However, there are brands that directly accord cards to consumers without an intermediary such as Discover and American Express.
- Processors – Third party agencies that are mostly partnered with merchant banks in order to split the responsibilities are called processors. They are fully verified to outfit merchant accounts, pave the way for credit card process with correct networks and also decide upon the rate of discount. They are middle workers between user and other key contributors keeping all the relationships in order, benefitting the user with superior quality of customer service and comprehensive company solutions. These players are paid on the basis of every transaction inclusive in discount rate.
Get in the Know-How of Credit Card Process
In order to start with Credit Card Process with full benefits, following needs to be kept in loop:
- Appropriate services provider for the payment transactions need to be selected cautiously. User will have ample number of service provider to choose from, however, one should be selected as per the needs and requirement of the business after proper verification. QuickBooks Payments is one of the heavily recommended one by users across the globe.
- In accordance with the type and nature of the industry business is operating in, processor will function out a merchant account for the user.
- Decision regarding the mode of payment acceptance needs to be narrowed down from various options available like through QuickBooks via mobiles, tab or Point of Sale software.
- Once the user swipes the credit or debit card through the machine, all the required details will be delivered further to the processor. In this situation user can either swipe the card or type in the information regarding the card on the system for payment processing.
- Once the correct information reaches the processor, same transaction will be processed further to the brand of card payment like MasterCard or Visa.
- Once the payment has authenticated by the card payment brand, it will be forwarded to the issuing bank of the customer’s card brand.
- The issuing bank will either put in a stamp of approval or will reject the transaction and transfer the response back to the payment brand.
- This response will be further forwarded to the processor, which will travel back to the user through the same payment mode used in the starting ether through mobile, tab, website or the Point of Sale software.
- The process of garnering, approval, decline or referral to purchase takes up only few seconds to get completed.
- In case of approval, the user will transfer the products or service for which payment is made to the customer as the issuing bank will be transferring the required amount to the user’s bank through the channel of credit card network, in about 2-4 business days. Irrespective of the fact that user is employing QuickBooks, credit card machine or a credit card reader for mobile, all the transactions done via Credit Card will be delivered through same set of steps.
Reduction of Processing Fees of Credit Card
Processing Fees of Credit Card is one of the most complex tasks of all and can be quite hassling for the user to manage. Thus, while looking for a service provider to team up with user needs to be aware about their needs as well as be familiar with man specific factors pertaining to this fee.
Connect with us for any Credit Card Terminal problems with QuickBooks Point of Sale Software
We at QuickBooksPOS house professional and highly experienced QuickBooks point of sale support who have reached high level of proficiency by working for the software under different industries. The team is adept in handling all sorts issues faced with credit card processing of Point of Sale software. To connect with our support team either call on Toll Free Number – +1-855-924-9508