#BEST CREDITCARD PROCSSOR VERIFICATION#
Additional tests may be run to verify that the purchase is not fraudulent, such as Address Verification (AVS) or security code verification (CVV). The customer’s bank then gets the payment request and must verify whether the cardholder has sufficient funds or credit for the purchase. The card network-most commonly Visa or Mastercard-then passes the transaction information to the customer’s bank. This sends the transaction to the cardholder’s card network. Then, the card data is sent from the reader/virtual terminal/shopping cart to the credit card processor. For online transactions, the credit card information must be manually entered in the virtual terminal or shopping cart.
For in-person transactions, the credit card must be swiped, dipped, or tapped at the POS terminal or mobile card reader. When a customer initiates a credit card payment, whether in-store or online, it goes through credit card processing. Businesses today often accept payments online and in person, and can choose from a range of options that provide lower credit card processing fees and make payments easier for customers. The payment terminal does much of the documentation, fraud protection, and processing for the business, and it all happens online. Businesses might still swipe a card or enter in a card number, but it’s usually done via an electronic card reader, also called a payment terminal. Today, credit card acceptance is now almost a requirement for most companies, and small and medium-sized businesses (SMBs) have many ways to process credit card payments. Understandably, many businesses were reluctant to accept cards. The third imprint copy was saved as part of the sales record in case there was any type of dispute or refund request. The business would have to wait for the money to transfer from bank to bank, before finally being deposited in their account 5-7 business days later. At the close of business, the store owner or staff would take another copy of the card imprint to the bank as part of their daily deposit. One copy of the card imprint was given to the customer as a receipt of payment. They would call in to an authorization center, read off the card details and wait for an authorization number. Not so long ago, businesses would document a customer’s credit card details by pressing the card into 3 pages of copy paper with something called an imprinter. In the early days of credit cards, credit card acceptance was a long and tedious process.
The most significant change to credit over the years is how payments are processed. These days it’s likely you would buy a new smartphone with a credit card, knowing you’ll get paid at the end of the month to cover your bill. The concept of credit has been around a long time-it used to be common, for example, for farmers to buy seed on credit until the harvest was sold.
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