Compare Credit Card Machines for Hassle-Free Payment Processing
Posted by cardmachine on May 1st, 2020
Credit card processing plays a crucial role in maintaining a business’ bottom line, which is why choosing the right service is important if you want to maintain good cash flow and ensure hassle-free payment processing in your day to day operations. With all the decisions you are expected to make as a business owner, it pays knowing how to compare credit card machines so you will have one less thing to worry about as you go about running your business.
Apart from deciding the best credit card processor for your business, you’ll also be faced with dizzying choices of credit card machines, terminals, readers, and POS systems, the prices of which vary across the board. You want to know what functionalities are best to have and ultimately, which machine can cater to the needs of both your customers and your business at large. There isn’t a one-size fits all solution for any type of business, it is important to compare credit card machines based on criteria that matter to your own business operations.
Credit card machines are incredible pieces of technology. The way they process payments basically involves three phases, which begins with card authorization and then submission, down to the final step of settlement. Authorization takes place after the card is read by the machine and the information on it is sent to a processor and ontoan appropriate card network.This includes a request to be processed, which is then forwarded to the credit card’s issuing bank to check the cardholder’s credit balance and see if they have enough credit for the purchase. The purchase is then approved once the card has been registered as valid and upon confirming that it has enough credit to cover the amount of the purchase. An approval message is then sent back to the merchant—all in a matter of seconds.
Submission refers to the transaction between the consumer and merchant, wherein the merchant submits the previously authorized transaction for the actual payment. Submissions may take place instantly or can sometimes be held up in a batch (for later submission at the end of the day or a scheduled time within the week). This submission travels to the card processor, which then forwards the request to the proper card network for submission to the issuing bank. The bank then passes the appropriate amount and the process moves on to the final step or settlement, wherein payout travels via standard inter-bank transfer methods until the payment reaches the merchant account.
About the Author:
Compare Card Processing Ltd offers a platform to compare card readers available in the UK and finding the cheapest card machine for your business, credit card terminal providers in the UK.Also See: Credit Card, Card Machines, Compare Credit, Card Processing, Credit, Card, Business
Claim 1 FREE Stock! No Purchase Necessary!
You have a 100% chance of receiving one free stock! Click to claim and have a chance to get one share of Facebook, Visa, Microsoft and others for free!