Credit card processing
DEFINE | CREDIT CARD PROCESSING
Credit card processing is a full-fledge series of operations to complete a payment done by a credit card. We can help you with accepting digital /online card payments faster by the service of Credit Card Processing.
But the real deal is why do you need the service of credit card processing? Why do you use it? How do you use it? Why do you need us to do it? How do we help you in this process? And many more questions will arrive when you think about this process.
The simple reason for this process is that every business that accepts online card payments needs the best services to run this process. Credit card processing involves a simple process. But the parties that are involved in it make it difficult to understand.
So, first, we should talk about the parties involved in this process. Afterward, we’ll tell you what we can provide.
Parties Involved | Credit Card Processing
Consumer
The process of credit card processing starts with the consumer.
Issuing bank
It’s the main bank that issues the card of the consumer. Let us tell you one of the primary functions of the issuing bank in credit card processing. That’s to determine whether the cardholder’s a/c holds the funds to complete a transaction or to release them for settlement.
Merchant
The merchant could be taken as a merchant/business / or service, that’s on sale.
Acquiring bank
This is the bank that provides merchant services for the merchants. Also, it can provide merchants with POS machines and other merchant services to accept card payments. The acquiring bank can also serve as a credit card processor. Also, this bank allots a merchant account for holding payments till settlement.
Merchant Account
The merchant account is the “original/personal account” of the merchant that receives the settlement amount in the final. Before that, all other parties do their work.
Payment Gateway
A payment gateway helps merchants to accept online payments with ease. The gateway integrates with the website to accept card-present card-not-present payments. It receives payment details for customer transactions and sends them to a payment processor. Also, it sends an “approved” or “declined” message to the merchant.
Credit card processor
It is aka a “payment processor.” This facilitates communication among the merchant, the credit card network, and the cardholder’s bank. The priority for this Processor and merchants is to maintain compliance with the PCI DSS.
Some PSPs have their payment gateways. While others, typically the larger processors have reseller agreements with payment gateways.
Card network
The credit card networks are responsible for setting interchange and assessment fees, and the standards for PCI DSS.
STEPS | CREDIT CARD PROCESSING
- The process starts when the consumers place an order with a credit card.
- After that, the transaction details go on the payment gateway.
- Then payment gateway sends it to the credit card processor, which then sends it to the card association/network.
- After that, the details are shared with the issuing/consumer’s bank.
- Issuing bank checks whether the payer’s a/c have enough funds to pay or not. And it also runs several fraud prevention protocols to check whether the payment is done by the cardholder or a fraudster.
- After that, it approves or declines the payment and notifies the credit card processor.
- When the issuing bank verifies the transaction the payment is released from the consumer’s a/c and reaches the merchant a/c.
- The notification sends from the consumer bank to the POS. And a message goes to the virtual terminal that tells the merchant whether the transaction has been “approved” or “declined.”
- Now it’s the final step and that is the settlement. This can take many days depending on the card network involved in the transaction. The settlement means the full final transfer of the amount from the acquiring bank to the merchant bank.
Credit Card Processing | Choice of Online Shoppers
Ecommerce is booming worldwide. Many merchants sell their products or provide services online to customers who buy via cards, e-Check, and APM. There are several payment options for consumers but they prefer paying via credit cards the most.
But, many customers, because of security reasons, are terrified while purchasing any product online. A small business owner running a business online needs the best solution for issues related to fraud, and payments security.
E-merchants face many issues like customer data breaches, online fraud, and high chargeback. This can easily be solved via a credible payment gateway. HighRisk Gateways provides a high-risk payment gateway for high-risk merchants.
We focus on seamless card transactions and a hassle-free online shopping experience for the consumers. Hassle-free card processing, lets one achieve the best customer retention and new heights of online success.
Difficulties with Credit cards Transactions:
During credit card transactions merchants need to take care of several things for the process. With the demand for cards-not-present payment options come many issues as well. Problems that have raised concerns for consumers and merchants are as follows:-
- Inadequate card authentication
Customers hesitate to buy online because this can reveal their sensitive card details on many websites. They fear that their data would be stolen and reused for unauthorized money withdrawal. This would cause a great threat to the merchant’s company as well in regards to insecurity.
- Online Credit card frauds
These frauds are named as ‘card not present frauds’ due to stolen card data. This data is sold online for unapproved transactions to several users. To defend against such threats merchants need to have a perfect solution to prevent the transactions from being processed.
What we bring to the table
HighRisk Gateways offers a high-risk payment gateway. It has several features to let the merchants rest while the services work for them. Now, we’re going to explain some of those services which are going to be provided to the high-risk merchant.
1. Multiple Card brands
Our payment gateway allows merchants to accept online card payments worldwide. We accept credit card transactions from major credit card brands, such as Visa, MasterCard, and Cirrus Maestro.
Our main motto is to let the customers pay with the alternatives and their preferable card brands. It will ease the stress of merchants. So, the merchants don’t need to leave their other business activities to check whether the customers are having issues with paying or not.
2. Real-time Updates
For merchants’ convenience, this gateway has the feature of a real-time reporting system. This gateway guarantees successful transactions and customer refunds on time. And for online fraud, this feature of this gateway will alert the merchant with a message of a fraud attempt with a dedicated dashboard. This way you’ll be able to keep track records of all transactions over your web server.
3. Security
We take stringent security measures and fraud protection. With our expert team’s help, you can safeguard your credit card transactions on your platform. HighRisk gateways have the Level 1 certification of PCI DSS.
Would you like a reliable payment gateway that lets your customer pay with confidence? We believe in completing your business needs, so you can focus on growing your brand. Also, we provide the high-risk merchant account to all the high-risk merchants out there.
4. Easy integration and Card saving
Our global card saving feature lets your customer saves their credit card for future purchase. They can easily access their data across the web. This feature will smoothen the customer experience. Just because once they saved their card on our gateway, they’ll never have to repeat the process.
Isn’t it cool? For effective integration with the website, we provide an API system for smooth processing. Now you decide!
5. Easy to Checkout
Our focus is on customers’ comfort and satisfaction more than anything else. That’s why we introduced our gateway that has an easy checkout feature, so the consumers can pay conveniently.
Customers can directly add to the cart any product or service of their choice and pay instantly. They won’t face several pages opening in front of them one after one. This gateway will keep them in a single window for the entire process of payment. After completion of the payment, consumers can leave easily. Isn’t that what we call a hassle-free online shopping experience?
“Leaving the industry with your essence of work will be your gift to the digital world”
HighRisk Gateways has years of experience in providing services to the high-risk industry. Leave a mail-in dropbox to let us know your views on credit card processing and our services.
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Source: Credit card processing
