For a long time, sellers have conducted business with their customers by means of cash or check payment. Today however, many merchants are now able to accept credit card payments since credit card processing was introduced.
The Route of Wireless Credit Card Processing
When a buyer pays with a credit card, the merchant swipes the card into a credit card reader. This equipment is called the credit card terminal.
A wireless credit card terminal reads the credit card information from the magnetic strip and sends it to the merchant credit card processing company through electronic signals, much like how text messages are sent via cell phone.
The merchant processing company will then forward the information to the bank or issuer of the credit card which the buyer used as payment for verification.
If there is no problem with the account, the transaction will be accepted. The bank or issuer will send the result of the verification process back to the merchant processing company. Then the processor will forward the message to the credit card terminal at the merchant’s end.
The process happens very quickly (10-15 seconds). The final processing will take place when the merchant settles their terminal.
After 2 business days, the issuer of credit card will deposit payment to the merchant’s checking account
How You Can Benefit from Wireless Credit Card Processing
Wireless credit card merchant processing works great for businesses who needs mobility or who operates from a remote location, a booth or kiosk. The credit card terminal used for this system does not require cables to connect to the processing company.
Wireless Credit Card Merchant Processing Tips
Check the coverage network. The range of the coverage may vary from one provider to the next. Spend time making inquiries, making sure that you will have reliable coverage from the area where you operate your business.
Prepare in advance. Generally, it takes only a day or two to set up a merchant account. However, it is recommended that you apply a few weeks before the actual day that you want to use the system so you can prepare and avoid unnecessary hassles.
Know the exact fees. Processing fees will also vary depending on the type of processing involved. When asking for pricing information from a prospective merchant account provider, make sure that you are given the right quote for the exact type of credit card processing service you need.
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About the Author:
Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.