A Processor is the company that actually routes an Authorization Request from a Point of Sale device (such as a Verifone credit card terminal) to Visa or Master Card, and then arranges for Fund Settlement to the merchant. Such processors are traditionally accessed via direct dial out modems connecting to their system.
-Processors need to have [...]
Credit card processing seems simple enough. However, there are lots of moving parts behind the scenes. Here is a simplified, step by step list that reveals the whole process:
Authorization
1. Your customer presents their credit card (or the card number, expiration date and security code) to you or your employee.
2. You swipe the card or key [...]
How challenging can managing a merchant account be? I review 5 – 10 merchant account statements each week and almost everyone one starts out looking like it is written in a foreign language! Some statements have fees from three separate months! Other statements are extremely vague and seem to be intentionally hiding information. So the [...]
