How does a credit card works: Salequick
by Andrew Milstead Credit card processing appIf you run a small or
medium-sized business and can't take credit cards, it's likely you're losing
out on a lot of trade. Services such as PayPal's Here, Verizon's Intuit and
Square allow small and medium-sized business owners to take credit card payments
through a smartphone or tablet computer. They're quick and easy to sign up for
and simple to use but will take a fee out of the transactions you process.
Set Up
All Mobile Credit Card Processing services
require you to sign into your merchant account before accepting a payment. This
is typically as simple as entering your email address and a password. You'll
then need to tap in the amount you want to charge your customer.
Transaction Details
You can then swipe
your customer's card in the reader that attaches to your device. This will read
your customer's payment information from the magnetic strip on the back of her
card. You can enter your customer's card details manually if she's not present.
Once this is done, you can send your transaction for processing.
Authorization
Your processing
service will then transmit your payment request to your customer's bank via an
encrypted connection through a wireless or 4G network. If the funds are
available, the amount specified will be electronically transferred to the
merchant account you hold with your processing service. Most services allow you
to send a digital receipt to your customer by email or text message once a
payment has been processed.
Fees
Some payment
processing services charge a percentage of the transactions you make while
others use a combination of membership fees and payment charges. The latter
might be a better option for you if you're going to process a high number of
transactions. Services that charge a membership fee typically take a lower
percentage of your transactions. Fees are taken directly out of your merchant
account once a transaction has been processed.
Sign Up
You can sign up for a
merchant account with a payment
processing service online. You'll typically need to enter your personal or
company details and verify your identity during the sign up process, much the
same way as you would for a standard online payment account. Most services will
send you a free card reader compatible with the latest Android, iOS and Windows
devices. Check with your chosen payment processing service to find out if you
have the right hardware. You'll need to download an app to your device to get
started.
Credit: https://budgeting.thenest.com/portable-credit-card-reader-work-25690.html
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Created on Sep 16th 2019 03:30. Viewed 414 times.