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 [...]
Many merchants believe that adding a cardholder’s three or four digit CVV2 code for a “card not present” (CNP) transaction will help qualify the transaction for a lower discount rate. However that is not the case; the CVV2 code is only valuable to protect against credit card fraud and has nothing to do with [...]
Have you ever wondered what kind of merchant account the rich and famous businesses of the Fortune 500 have? Just in case you have the answer is Interchange Plus .
What is Interchange Plus?
First lets start by defining Interchange . Interchange is the set discount rates from Visa and MasterCard for various [...]
