How Electronic Credit Card Processing Works
Almost every business in today’s world needs credit card processing
services, but few may be aware that electronic credit card payment
processing is a different service. To find out if your company needs it,
read more about what this type of payment processing is and how it
What Is Electronic Credit Card Processing?
credit card transactions are also referred to as card-not-present
transactions. This is because the physical card is not needed to process
the payment, unlike a card-present transaction in which the card would
be swiped by a point of sale terminal. To process a card payment without
the card, you do still need important information from the card and the
cardholder. That information includes the number, the expiration date,
the security code, and verification information, such as the
cardholder’s address. In addition, since you are not using a POS
terminal to send that information to your merchant account provider, you
need another way get credit cards authorized and processed.
Virtual Terminals and Payment Gateways
you will be taking in and sending most credit card payment information
online, what you need is known as a virtual terminal. A virtual terminal
is simply computer software that sends credit card information to the
merchant account provider for authorization and processing so you can
get paid. For those taking payments over the internet, you need a
payment gateway that allows customers to enter their own information.
You can usually get this software through your merchant account
Why Does Your Business Need It?
you already own a brick and mortar store, you probably already have
credit card processing. But to really take your business to the next
level, you need to have a presence on the internet and you need to be
able to sell your products on the internet. To get paid for those
internet sales, you need electronic credit card processing. Give your
business the opportunity to expand and the chance for your sales to
increase by launching the internet branch of your store.
Where to Get It
you can turn to your current merchant account provider for electronic
processing, you may want to explore your options first. Pricing for
electronic credit card payment processing is usually different and your
current provider may not always have the best rates. Once you decide on a
merchant account provider, you can start selling over the internet and
be able to process all credit card payments.