MasterCard)

Category: Finance.

Wake up, smell the coffee and face the fact that cash economy is winding down.

So if you re prepared to enter the hallowed world of" merchant acquiring" , then keep reading. Credit cards are ubiquitous, and if you involved in selling anything bigger than gum and newspapers, you should be open to accepting plastic. The process of accept credit cards starts at the point of sale. She hands you her credit card and store clerk swipes it, through the credit card terminal. Let s say for instance, your customer wants to purchase a new jumper. Within a few seconds the authorization is complete, the receipt is handed to the customer, and she signs and walks away, with her new jumper.

The moment you swiped the card, the number and all related card details traveled through the acquiring processor( which is either a bank, a merchant service provider or a third party credit card processor) to the company that issued the card( e. g. During the" few seconds" of waiting, this is what happened. MasterCard) . Once the issuing bank approved the transaction, the approval code was instantly sent to the credit card company. The company then requested authorization from the bank that had issued the card. The company then forwarded the same to the merchant service provider, which the sent it to your store clerk who swiped the card. The story however hasn t ended.

It was long electronic journey but took only a few minutes to complete. You haven t yet received your payment. The sales receipts are transmitted electronically from the credit card terminal to the merchant service processor, which minutely scans them for any discrepancy, and then routs them to the different credit card companies. The payment known as the settlement, takes place at the end of the day. They then capture the funds from the credit card holders account and wire them into account of the merchant. Now by logging onto Advanced Merchant services you can immediately sign up for a merchant account. Its here that the credit card processor deducts the processing fee also known as the discount rate which is typically 75 to 3% of the sales.

By associating with Advanced Merchant services, you will get a number of unique benefits that will enable you to save a lot of precious cash. Net payment gateway with Internet package For any additional information, visit us at www. merchant- accounts. com. AMS is offering a free credit card terminal with every new account and as an internet merchant you are entitled to a free Authorize.

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