May 24, 2013 Posted by admin on May 24, 2013 in Business Services | 0 comments

Five Easy Steps for Processing a Credit Card

Article Written by : How Merchant Accounts Work

Initiate the process: The cardholder initiates credit card processing by handing you the credit card. Cardholders can choose whether they give information to you or not and it is illegal for you to gather their information without their consent. They can either give you their credit card in person for you to enter manually, or they can enter the information themselves for online payments.

1. Enter in the information: Sometimes, if you accept credit cards online, the cardholder will enter in his or her own information. But if they hand you the card themselves in person, you’ll have to swipe it in a credit card machine.
2. Authorize the charge: Once the charge is authorized, it is sent through the system to the processer who then charges the card.
3. Deposit money to your account: The processor will deposit your money in what is called a merchant account. You won’t be able to withdraw from this account but it will be transferred to a place you where you can. Money will be automatically withdrawn from this account provided by credit card services and then transferred to your business account.
4. Enjoy your cash: Use the money you receive however you see fit.