Credit Card Processing Systems: An Introductory FAQ
Welcome back, readers! Today, we’ll be covering the topic of credit card processing systems in the form of a convenient, chunked, accessible FAQ. While many merchants who have been in business for quite some time might already understand the basic principles by which credit card processing systems operate, newcomers – or those in need of a quick refresher – can easily learn about credit card processing systems and their different methods for processing electronic forms of payment.
What is a merchant account? A merchant account enables your business to accept credit cards. Merchant accounts are vital for credit card processing systems, and can be obtained at a bank or via credit card processing systems providers online.
Why does it cost more for Internet, mail, and telephone transactions? Those assuming financial risk in credit card processing systems prefer the customer to be present and in possession of the physical card. This limits the chance for fraud.
How long does it take to get started? Depending on the size of the company, bank, or other provider, and how many clients they serve, it can take anywhere from 24 hours to two weeks.
When are funds deposited into my account? Fund deposition occurs between two to thee business days.
Are there different types of credit card processing systems and solutions? There are terminals for physical retailers, real-time systems for online stores, PC software for telephone transactions, and many more.
Are shopping carts necessary for all Internet merchants? No. Shopping cart application designers partner with certain payment gateways. Your merchant account provider can tell you which gateway they will use to secure your transactions.
What is a chargeback? A chargeback is, quite simply, a conversion reversal, meaning that funds will be deducted from your account rather than deposited. Causes of chargebacks may include double charging, card expirations, customer disputes, and bank errors.
Will I get transaction reports? While it is common to receive a detailed monthly report, some companies offer real-time online reporting.
If you have any additional questions or concerns about credit card processing systems, or if you would like to sign on with VPS for superior credit card processing systems services, then give us a call at the number above today, and experience firsthand why so many successful merchants have chosen VPS for their credit card processing systems needs.