Top payment processing companies st louis mo

the payment processing companies in st.louis look
pretty simple on the surface however
there are many parties involved in this
seemingly basic process let's start with
the participants involved the cardholder
is the person who owns the credit card
used to make a purchase the merchant is
business that sells the products or
services to the cardholder the acquirer
is the merchant bank that processes
credit card transactions on behalf of
the merchant then there's the credit
card brand or network Visa and
MasterCard are examples of networks used
to process a credit card transaction
finally the issuing bank is the
financial institution that issued the
credit card now let's see how these
participants make a credit card
transaction using this example Bob a
brick-and-mortar merchant sells an apple
to a cardholder Clara for $1 Clara
inserts her card into a chip reader and
the point-of-sale terminal dials out to
obtain an authorization code here's what
happens next
first the POS terminal sends the
information to the acquirer the acquirer
sends the details to the issuing bank
via credit card network let's say visa
and request a payment authorization for
a one dollar transaction from the
issuing bank the issuing bank checks if
Clara has enough money checks if the
expiry date is valid and verifies many
other things including matching Bob's
business address and card holders
billing address that's why you always
need to call your bank if you travel
abroad and would like to use your credit
card in a different country once the
issuing bank confirms that everything is
correct it issues an approved
authorization code and sends it back the
same way it received an authorization
request through visa and the acquirer
Bob sees the approved message on his POS
terminal the issuing Bank places a hold
for one dollar on Clara's credit card
account for Bob to receive the money for
the sale he first needs to close the
batch as card holders come in and buy
apples authorizations are stored in the
POS terminal in a batch and to become a
deposit in Bob's account he needs to
settle the batch when Bob settles the
batch each authorization travels back to
the respective issuing bank for a final
clearing the authorizations travel via
the same channels as before
first they go to the acquirer and then
via credit cards to the issuers each
issuing Bank removes the Holt and
withdraws actual funds from the
cardholders account instead next the
acquirer funds the merchants bank
account now what about the processing
fees the credit card networks billed the
acquirer interchange fees for all of Bob
sales once the batch is settled the
acquirer then bills Bob either on the
same day sales minus fees if bob is on
daily billing where the acquirer bills
Bob at the end of the month for all the
sales processes in that month the
cardholder gets billed by its issuing
bank and that's how credit card
transactions work.
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ST.LOUIS PAYMENT PROCESSING COMPANIES

ST.LOUIS PAYMENT PROCESSING COMPANIES

payments is the thing that makes the
world go around and actually makes your
business operate so it's really
important you might have heard of
payment solutions like Square or PayPal
those are great don't get me wrong but
they only do a part of the job so we're
gonna go through the different things
that you should be mindful of when
searching for your next payment
processing solution alright so the first
thing you want to be mindful of when
you're searching for your next payment
processing solution is mobility because
most people and small business owners
are on the go you want to be able to
take a payment from a customer wherever
that customer may be and that solution
is the ability to take a phone use the
camera not to take a picture but to scan
that credit card and to receive the
information on the card what that allows
is the confidence that when you're out
on the job and you've completed the work
and the customer is standing there with
credit card in hand you don't have to
worry about swipers thing nor though it's not
connecting no you take your phone scan
the credit card you receive the payment
and your what's the next thing to be
mindful how much you're getting charged
so different companies out there offer
different rates and if you're not paying
attention to the rate of the company
that you're deciding to use it might be
in trouble because it can get really
expensive you want to look for a
solution that offers a rate of 3 percent
or less in charges no more than 30 cents
for every transaction now there's
something else right there's that thing
called card-not-present transactions
that's when you're on the phone with the
customer they're giving you the credit
card information
maybe that customer is going online
putting in a credit card to secure their
appointment in those two scenarios the
cards not actually physically present in
most payment processing solutions will
charge more for that however there are
solutions like thrive that will never
never charge you extra for a card not
present transactions the third thing
that you want to be mindful of when
finding your next payment processing
solution is you want to find a solution
that is connected to all the other
things that you do to run your business
maybe it's marketing maybe it's sending
emails maybe it's more incident to your
customers by having your payment
processing solution integrated and
connected to everything else you do it
makes you and your business that much
more power so what you're doing by
having your payment processing solution
connected to everything else you do is
you are getting more insight into your
customers how much they spend allowing
you to take action to make more money
and who doesn't like making more check
us out at PAY-TRIOT watch more videos me
giving you tips and tricks on how to
better your business see you soon
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