Bank card processing

Bank card processing

Are you looking for a service according to merchant processing and merchant processing providers for your own business?

Innovative trends speak about rapid changes in the trade in the field of payment for services and products. Today’s customer is accustomed to the greatest convenience of paying with cash or bank cards.

Thus, the introduction of bank card processing technology is a key factor in the development and prosperity of your business. Card processing services add value to your business.

High-quality processing of bank cards is simply necessary since it affects a key area of business – payment for services or goods provided.

Qualityis:

1. Fastandreliabletransactions.
2. Available rates for processing bank cards.
3. Availability of comprehensive technical support.

The business owner must be sure that all the smallest details of accepting payments in electronic form will be taken over by the bank card processing provider.

See short data regarding this, as well as how the processing of bank mushrooms functions:

• The consumer presents a bank card to pay.
• The encrypted transaction data is securely sent to the processor.
• Then this transaction data is transmitted to an international plastic card provider (e.g. MasterCard or Visa), which sends the transaction decision to the buyer’s central bank.
• Then the information passes to the buyer’s central bank, where it can be approved or rejected due to the presence of money. Then the transaction results go back to the processor through the line of the international provider.
• Then the results go to the website to be viewed by the merchant and also by the consumer. The product of the consumer is given by the merchant.
• The international bank provider transfers the resources to the merchant’s bank result as soon as the issuing bank sends the assigned resources to the merchant.
• Within 2-4 working days the funds are credited to the merchant’s bank result. Thismoveisreferredtoaspayment.

Benefits of bank card processing

• Legitimization of business – Accepting a bank card makes your business legitimate. This increases his credibility. You attract the attention of the buyer by posting logos of credit cards that are accepted for payment at the checkout or on the website. Trustinthemflowsintotrustinyourbusiness.
• Increased Sales – Switching from cash-only transactions to accepting electronic payments can significantly expand your customer base. This ultimately leads to an increase in sales. A variety of payment methods makes your business accessible to a wide target audience.

• Crucial for online business – most online transactions are carried out electronically using credit or debit cards. For an electronic merchant, card processing is a prerequisite.

• Acceleration of money circulation – processing of bank cards is an electronic process. Payments and funds are credited to the merchant’s bank account quickly. This leads to a decrease in the amount of cash. In addition, the risk of accepting questionable checks for payment is eliminated.

• Convenience – bank card processing is an automated process. Therefore, it becomes convenient and effective for both sellers and buyers. Using bank cards for payment is not only a simple and convenient way for the client. But also profitable. For using a bank card, banks accrue bonus points, air kilometers, etc. as a reward.

Make us your only source of credit card processing

I, the international Wellcoinex company, recommend an extensive range of payment processing solutions to suit all your needs.

Our full-featured services according to the processing of plastic bags can help you to reduce costs, increase realizations as well, and increase the overall efficiency of your business.

The Wellcoinex company has great skill in the formation of services associated with the processing of bank tokens. For this reason, our experts will offer you the best solution in this area.

Regardless of the volume and the type of business I:

• recommend personal resolutions together with low operator costs;
• guarantee a high degree of security to protect your business and your customers from electric theft and scams together with plastic cards.

Wellcoinex in no way possesses itself equal in providing high-quality services according to the processing of bank mushrooms. I work in the following countries: The United Kingdom, Germany, Austria, Switzerland, France, Spain, Italy, Greece, Netherlands, Belgium, Ireland, Norway, Sweden, Poland, Romania, Russia, and Ukraine.

Head to us, to acquire the most innovative decrees, including excellent payment chute as well as unified buyer service.

The steps of credit and debit card payment processing explained

Owners and heads of companies, as well as the principal, are also considered to be experienced buyers. This is also obvious, as you regularly evaluate a large number of products and services required for the faithful operation of your company.

Accepting credit cards allows you to receive payment. This means that you need to choose a credit card processing company.

Processors of plastic mushrooms are considered significant partners besides the main service – payment processing, which makes their selection a significant business decision. You don’t need to be a specialist, but you will be the best customer if you understand how plastic bag processing works.

To understand equally how payment processing functions, I will analyze the functioning persons as well as their importance.

Who are the actors in credit and debit card transactions?

The cardholder receives a credit or debit card from the issuing bank and uses its account to pay for goods or services.

A merchant is any company that accepts card payments in exchange for goods or services.

Trading banks open and maintain trading accounts. Merchant banks allow merchants to accept deposits from credit and debit card payments.

Payment processors are companies that process credit and debit card transactions. Payment processors provide communication between merchants, merchant banks, card networks, and other organizations for making card payments.

Issuing banks are banks, credit unions, and other financial institutions that issue debit and credit cards to holders through card associations.

Card associations include Visa, Mastercard, Discover, and American Express. Card associations set interbank exchange rates, and qualification requirements, act as an arbitrator between issuing banks and acquiring banks, and perform other important functions.

What does credit card processing look like in motion?

Credit card processing consists of three separate processes: 

1. Authorization
2. Calculation
3. Financing

First, let’s look at the process of authorization of credit and debit cards.

1. The cardholder presents his card (swipe, tap, insert, or use another secure method, such as contactless, or enter a credit card payment number online) to the seller in exchange for goods or services. The request may come from a credit card terminal a point of sale system in a store, or an e-commerce site gateway, when accepting payments via mobile devices or applications.
2. The merchant sends a request for authorization of the payment to his payment processor.
3. The payment processor forwards transactions to the appropriate card association, which eventually reaches the issuing bank.
4. Authorization requests are sent to the issuing bank, including parameters such as CVV, AVS, and expiration date.
5. The issuing bank approves or rejects the transaction. The transaction may be rejected due to lack of funds or available credit, if the cardholder’s account has been closed or expired, if the payment is overdue, and for other reasons.
6. Then the issuing bank sends the approval (or refusal) status via communication channels to the card association, the merchant bank and, finally, to the seller.

This is briefly the credit card authorization process. The card authorization process takes only a few seconds.

1. Merchants send batches of authorized transactions to their payment processors.
2. The payment processor transmits the transaction data to the card associations, which report the corresponding debits to the issuing banks in their network.
3. The issuing bank debits the cardholder’s account for the amount of the transactions.
4. The issuing bank then transfers the appropriate funds for the transactions to the merchant bank, less interchange fees.
5. The merchant bank credits the funds to the merchant account.

Settlement and financing processes that used to take several days are now almost always carried out during the day, which allows sellers to receive payments quickly.