What Is Payment Processing?
Payment processing defines the steps needed to transfer fund from a successful sale into your business’s bank account quickly, cost-effectively, and efficiently as possible.
While accepting payment from customers is mandatory for businesses, accepting credit cards is an essential part of expanding.
As per a study, 30 per cent of all transactions were paid with cash, suggesting the majority of customers rely on:
- Directly on credit card processing (using conventional customer plastic card)
- Indirectly on Credit Card Processing (via e-wallets on their smart device)
Any business that is not having credit card processing may risk missing out on a massive percentage of potential sales and customers.
Why Do Businesses Need Credit Card Processing?
Credit card processing permits you to accept payments from your clients who pay with a credit card, debit card, or even a cellular wallet like Apple Purchase and others. You have to get these payment procedures since that is how most clients prefer to cover. Money use continues to decrease, especially in light of this pandemic as clients and retailers elect for contactless and internet payments.
Glossary of credit card processing
You May come across various new terms while trying to understand credit card processing. To make things easy for our merchants here is brief information on all such terms.
Payment gateway: A payment gateway is a kind of software that helps transmit payment information from a payment portal such as a merchant’s website to a bank’s processor and authorization from the credit card issuing banks to the payment gateway. A payment gateway is a way to establish communication between the banks.
Payment processor: A payment processor works as a connection between merchants and the issuing bank. Besides securing payment information and transmitting it to other parties, it also ensures that all payments comply with the Payment Card Industry Data Security Standard (PCI-DSS) regulations.
Credit card network: Credit card networks with payment processors to facilitate communication between merchant and issuing bank. They are also liable to set interchange and assessment fees.
Visa, Master Card, Amex and Discover are the extensive credit card networks.
Issuing bank: Issuing bank is a bank or financial entity that serves credit card to the customer.
Acquiring bank: An acquiring bank is a bank or financial entity that accepts credit card payments. It is registered with a card network and accepts payments on the network on behalf of merchants. Some banks also serve as processors. They do the merchants with card processors and other facility needed to accept credit cards.
Is Credit Card Processing Secure?
Credit card fraud, though many headlines concentrate on data breaches at major retail chains, small companies are more vulnerable, too. Small companies can shore up their credit card processing safety steps by performing two things.
The first step is to Make Certain You comply with the Made by Visa, MasterCard, American Express, Discover, and JCB in 2006. This standard requires that companies meet specific criteria to ensure their transactions are as safe as they may be.
The next task is to update your card reader to take Most credit cards have a chip inserted into a single end of this card. Using the technology to see it gets the trade more protected because the processor is more difficult to fake than the standard magnetic layer.
What Should Inspect for in a Credit Card Processing Service?
If You Are seeking a credit card processor. That’s Appropriate for You and your business. Think about the charges, the chip charges, the conditions of The contract, as well as the support it gives. You do not need to be stuck using a payment processor that does not have live customer care or is not possible to reach Whenever you’ve got an issue. You also need one that will work together to ensure You stay PCI compliant, which provides EMV-supported card subscribers and that Accepts multiple payment methods.
Why choose WebPays?
If you are into the high-risk industry and looking for credit card processing for your business, it may be challenging for you. Traditional banks and financial institutes will not get involved with the high-risk sector.
But, it doesn’t mean that you will not get the credit card payment option for your business. A high-risk payment processor is a suitable choice for your business.
For instance, WebPays is also a high-risk payment processing service to the industries. It offers a credit card processing service to the merchants to operate their business hassle-free.
Additionally, our payment gateway complies with PCI-DSS Level 1 compliance and SSL encryption to provide a safe and secure payment environment.
Get in touch with us
Get complete assistance under the guidance of our experts at WebPays. Contact us right away by filling an online form on our website and getting information about credit card processing.