Some must-know facts about safe and secure credit card payment processing

With the advent of credit and debit cards, payment modes have become more flexible and convenient for people. It is not always possible to carry bulk amount of cash in wallet. Moreover, you never know when you emergency comes and you need cash more than what you have in wallet. Always it is not possible to get out and find an ATM to with draw cash. Also, even if you carry cash, the risk of getting robbed is quite prone. So it is better to opt for card payments. Cash payments put a restriction to unlimited and impulsive expenditure. Keeping all these points in mind, almost everywhere from restaurants to cafe’s to theatres to departmental stores, everywhere the merchants offer credit and debit cards.

Only accepting credit card payments is not enough, as you offer your customers with secure card payment processing services, your business can go a long way. It will not only help you increase your sales, but it can improvise your cash flow, as the card payments are processes in a systematic way at a fast pace. During the credit card payment processing there are several steps that takes place.

The processing starts when the customer swipes his / her card at the merchant’s place after purchasing any products or services form the store. The card gets swiped in the card terminal at the store, from there only payment procedures start. The information on the customer’s card gets transmitted to the bank where the customers have account and from there the money gets deducted and credit to the merchant’s account. However, the money gets deducted from the customer account, at that moment only, but it takes almost 14 to 20 days to reach the merchant’s account.

Credit card Payments processing fee

Now the question comes, what exactly is credit card payment processing fee? It is the amount that the banks or the financial institution deducts from the merchant’s account. Depending on the financial institution this processing fee may vary. Yet, this charge does not exceed more than one or two percent per transaction.

Post processing the amount reaches the merchant’s account. It takes a time of 14 to 20 days in a whole to reach the merchant’s account. However, this time limit may vary depending on the bank. Often when a customer is paying with the credit cards, the customers are charged with a convenience fee. This convenience fee is not much but the customer’s only pay for it.

The same procedure repeats even if you are paying with the debit cards. In debit card payments also, the banks or the financial institution deducts a convenience fee for the card payment processing. Customers are only liable to pay for the convenience fee. And every time customers pay with their debit cards, a certain charge is deducted along with the amount of purchase as a convenience fee.  This fee is extremely less and there is nothing much to worry about it.