Two ways exist to process said payments: offline (the signature-based method), or online (the pin-based method). For offline processing, being branded with the VISA or MasterCard logo is a necessity. Processed the same way as credit cards, offline is the more common method of payment.
Online processing follows the same process, with the main credit card processing iso programs difference being that it involves encoding a pin, instead of a signature. The account is then checked to determine if the funds are enough to cover the purchase. If so, the transaction gets approved. A receipt is then issued and the transaction is done. The checking account is charged and an ACH transaction is scheduled to transport the money to the business owner's bank.
Getting the amount is generally quicker than the process used in credit cards, as the ACH process transfers the money directly into your account, bypassing networks involved in credit card payments. It takes two days, at most, for the money to be available for withdrawal.
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Increase Your Product Selection With Merchant Funding Services
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Posted 23 November 2022 - 12:47 PM
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