The provision of quality credit card processing services is one of the key factors for the prosperity and development of any business. Today, processing companies provide a wide range of services and business rates for processing credit cards, as well as comprehensive technical support, which allows for fast and secure transactions.
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In most cases, three organizations take part in credit card processing – the client’s bank (issuer), the processing company, and the payment system.
How does Credit Card Processing work
- The customer provides a credit card to the seller to pay for the goods.
- Information about the transaction in encrypted form is sent to the payment processor (Payment processor) – this is a financial company operating in the background that allows you to safely conduct transactions on credit and debit cards. As a rule, payment processors cooperate with trading companies, brands, companies that work directly with consumers.
- Then the information is transmitted to the payment system (for example, Mastercard / Visa), which sends it to the issuer. The Bank Issuer is a credit institution issuing credit cards. In other words, it is a bank in which a customer has a credit card.
- Next, the client’s bank processes the data and approves or rejects the transaction depending on the availability of funds in the client’s account. The results are sent back to the payment system, which transfers them back to the processing company.
- After which the data is sent to the seller’s website, where the buyer can familiarize themselves with it. If the transaction was successful, the seller delivers the goods.
- The payment system transfers funds to the seller’s bank account as soon as the issuing bank sends the funds allocated to it.
- Funds are credited to the seller’s bank account within 2-4 business days.
Benefits of Credit Card Processing
- The ability to legitimize business – credit card acceptance legalizes business and increases customer confidence. Using the logos of credit organizations, on the company’s website you attract the attention of customers. Consequently, the reputation of a credit card company extends to your business.
- Increased sales – the transition from cash only payments to electronic payments will help significantly expand the customer base. This ultimately leads to increased sales. A variety of payment options make your business accessible to the global market.
- Creating an online business – most online transactions are carried out electronically through credit or debit cards. For online merchants, credit card processing is the main payment method.
- Increased cash flow – credit card processing is an electronic process. Funds are quickly and safely transferred to the bank accounts of trading companies. This allows you to make more transactions, increase profits and reduce the cost of processing cash.
- Convenience – credit card processing is an automated process. Therefore, it is fast and comfortable for both sellers and buyers. Credit cards are the easiest way to pay for goods by customers, in addition, this payment method allows you to use many other advantages, such as accruing points and bonuses, cash back from purchases that encourage customers to make payments using cards.
Why choose Wellcoinpay for credit card processing
Regardless of the size or type of business, we offer customized solutions for processing credit cards with low fees. Wellcoinpay will help you reduce costs, increase sales and attract new customers with simple, convenient and profitable payment processing services. We provide a high level of security to protect your business and customers from credit card fraud. Contact our team to get the most advanced solutions, including an excellent payment gateway and comprehensive customer service.