Right! Now that we've got that out of the way, let's come to grips with what infrastructure you need in order to operate a credit card merchant account. Well, the most important thing is to establish a gateway, which is a means of communication with the clearing house. One of the ways is to use a swipe machine, the type that you see in all retail establishments. The credit card is swiped in the machine, which relays information to the clearing house. Once the transaction is authorized, a charge slip is produced. The card owner signs a copy and hands it over to the credit card merchant account owner.
If your business largely relies on e-commerce, obviously the swipe machine is not for you. An option is to install a type of software in your computer which will facilitate the exchange of information between your credit card merchant how to become a payment processor account and the clearing house. However, this requires manual keying in of customer card data, value of transaction etc., therefore you will have to factor in the extra time and effort and also the possibility of data entry error.
Still not happy? No problem. Most e-commerce websites use a real time payment gateway, like PayPal which completes the data transfer and validation process while the buyer is online. The credit card merchant account owner need not be hassled by any manual processes. The only precaution that needs to be taken is to ensure compatibility of the gateway with the other software and systems that are part of the e-commerce process (for example shopping cart software).
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How to Acquire a Credit Card Merchant Account
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Posted 23 November 2022 - 01:37 AM
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