Can You Can You Pay Samsung Financing By Credit Card What Is Credit Card Processing And Why Is It Important?

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What Is Credit Card Processing And Why Is It Important?

More than 3 billion people worldwide own and use credit cards, and each person has at least 3 cards to their name. Undoubtedly, credit cards are vital elements in every individual’s daily life, whether it’s buying clothes or paying bills. If you want your business to cover more ground and attract more clients or customers, you should consider credit card processing.

What is credit card processing?

Technically speaking, credit card processing is a financial transaction that involves electronic access to the customer’s account. There are currently four big names in credit cards, and processing any of them can help boost your business. The first is Visa, with 261 million users as of last year. With 176 million strong is MasterCard. In third place is American Express, which is used by more than 50 million customers in the US alone.

What are the benefits?

Paying in cash is good, but accepting credit card payments also has many benefits. On the one hand, it makes your company credible in the eyes of customers. If you accept cards, customers will think that your business is safe and reliable. Trust is an important aspect in business, and if a customer trusts you, they are likely to make a purchase from your store.

How credit works

There are two steps involved in credit card processing: authorization and settlement. Authorization is obtaining bank approval for the pending transaction. In this step, the buyer provides the relevant card details such as account number, expiry date and card security code to complete this stage.

Settlement, on the other hand, involves processing the transaction. In this process, funds are transferred from the bank to your business account if the transaction is authorized. Otherwise, the customer will have to use another card or choose another payment method.

Equipment used to process credit cards

As technology advances, more and more equipment and avenues have been developed to allow even the smallest retailers to perform credit card processing. Here are the different machine options if you decide to jump on the credit card processing bandwagon:

· Dual Communication Terminal: This easy-to-use plug and play device only requires an Internet or telephone connection for efficient card processing. This is the cheapest of all the services, but it is one of the fastest.

· Wireless terminal: You can take this terminal anywhere to perform card processing because there are no wires or cable connections. Not only do you get a receipt right away, but wireless solutions offer easy and efficient transactions at a cheap price.

· Telephone Access Terminal: also known as Analogue Terminal, it is the most used device in the world. This plug and play terminal can easily process a transaction with a mere phone line.

· Mobile Phone Terminal: This device allows you to process card transactions with smartphones such as iPhones, Samsung Android phones or Blackberry. All you have to do is download the program from iTunes or the Android Market Place. The setup and processing of the card is easy and the price is reasonable.

· Internet Processing Terminal: Also called a gateway terminal, this method allows you to process card payments just by surfing the net through your web browser. You can even email receipts to your customers as needed.

· Point of sale terminal: For this method, you need to install a certain program on your point of sale terminal. With its own gateway transaction manager, you don’t have to worry about modifications or changes to your system.

For any business, credit card processing is vital. It gives you an advantage over “cash only” merchants. With the many options available for this type of payment transaction, you’re sure to choose one that fits your business size, your needs, and most importantly, your budget.

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