5 Reasons Why You Need a Merchant Account

admin — Mon, 23 Jun 2008 06:29:59 +0000

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#1 - Increase Sales

Studies show that accepting credit cards increases sales productivity by over 25%. It gives the customer multiple options when paying for a product or service.

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#2 - Increased Efficiency

Time is Money. When accepting credit cards, you can have the money directly deposited into your bank account within 2 business days.

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#3 - Builds Positive Reputation

Showing your customers that you can accept all forms of payment, including credit cards, tells them you are a viable, successful business.

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#4 - Easy Financial Reconciliation

Electronically processing credit cards provides you the ease of reporting to integrate directly into your accounting software.

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#5 - Increased Productivity

What used to take days to complete can now be done in a matter of seconds. Real-time credit card processing can be done via the internet, phone, or face-to-face.

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About This Tutorial

This tutorial will help you understand who may need a merchant account.

Answers to other questions can be found on our Frequently Asked Questions page.

How Does the Payment Process Work?

admin — Mon, 23 Jun 2008 06:27:08 +0000

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STEP 1

The merchant submits a credit card transaction to the Authorize.Net Payment Gateway on behalf of a customer via secure connection from a Web site, at retail, from a MOTO center or a wireless device.

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STEP 2

Authorize.Net receives the secure transaction information and passes it via a secure connection to the Merchant Bank’s Processor.

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STEP 3

The Merchant Bank’s Processor submits the transaction to the Credit Card Interchange (a network of financial entities that communicate to manage the processing, clearing, and settlement of credit card transactions).

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STEP 4

The Credit Card Interchange routes the transaction to the customer’s Credit Card Issuer.

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STEP 5

The Credit Card Issuer approves or declines the transaction based on the customer’s available funds and passes the transaction results, and if approved, the appropriate funds, back through the Credit Card Interchange.

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STEP 6

The Credit Card Interchange relays the transaction results to the Merchant Bank’s Processor.

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STEP 7

The Merchant Bank’s Processor relays the transaction results to Authorize.Net.

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STEP 8

Authorize.Net stores the transaction results and sends them to the customer and/or the merchant. This communication process averages three seconds or less!

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STEP 9

The Credit Card Interchange passes the appropriate funds for the transaction to the Merchant’s Bank, which then deposits funds into the merchant’s bank account. The funds are typically deposited into your primary bank account within two to four business days.

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About This Tutorial

This tutorial will help you understand how the merchant processing industry works.

Answers to other questions can be found on our Frequently Asked Questions page.

Platinum Management Group

5 Reasons Why You Need a Merchant Account

#1 - Increase Sales

#2 - Increased Efficiency

#3 - Builds Positive Reputation

#4 - Easy Financial Reconciliation

#5 - Increased Productivity

Get Started Now!

Quick Links

About This Tutorial

How Does the Payment Process Work?

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5

STEP 6

STEP 7

STEP 8

STEP 9

Sign Up Now!

Quick Links

About This Tutorial