How Electronic Credit Card Processing Works

Almost every business in today’s world needs credit card processing services, but few may be aware that electronic credit card payment processing is a different service. To find out if your company needs it, read more about what this type of payment processing is and how it works.

What Is Electronic Credit Card Processing?

Electronic credit card transactions are also referred to as card-not-present transactions. This is because the physical card is not needed to process the payment, unlike a card-present transaction in which the card would be swiped by a point of sale terminal. To process a card payment without the card, you do still need important information from the card and the cardholder. That information includes the number, the expiration date, the security code, and verification information, such as the cardholder’s address. In addition, since you are not using a POS terminal to send that information to your merchant account provider, you need another way get credit cards authorized and processed.

Virtual Terminals and Payment Gateways

Because you will be taking in and sending most credit card payment information online, what you need is known as a virtual terminal. A virtual terminal is simply computer software that sends credit card information to the merchant account provider for authorization and processing so you can get paid. For those taking payments over the internet, you need a payment gateway that allows customers to enter their own information. You can usually get this software through your merchant account provider.

Why Does Your Business Need It?

If you already own a brick and mortar store, you probably already have credit card processing. But to really take your business to the next level, you need to have a presence on the internet and you need to be able to sell your products on the internet. To get paid for those internet sales, you need electronic credit card processing. Give your business the opportunity to expand and the chance for your sales to increase by launching the internet branch of your store.

Where to Get It

While you can turn to your current merchant account provider for electronic processing, you may want to explore your options first. Pricing for electronic credit card payment processing is usually different and your current provider may not always have the best rates. Once you decide on a merchant account provider, you can start selling over the internet and be able to process all credit card payments.

Get more information on how to process electronic payments from North American Bancard:

Accept an Electronic Payment
If your business is ready to accept electronic payments, learn where to start. Turn to North American Bancard for the information you need.

How Electronic Payment Systems Work
Learn about electronic payment systems and how to accept payments electronically for your business.

Electronic Payment System Equipment
You will need different equipment to accept electronic payments. Find out exactly what you need right here.

Electronic Payment Processing Fees
The fees for Processing payments electronically are usually different from your traditional credit card processing fees. Get information about those differences now.

Electronic Check Processing
Did you know you can process checks electronically too? Learn more about this process at North American Bancard.

Find Electronic Payment Solutions
Don’t know where to find the payment solutions you need? North American Bancard offers some advice on how to find those solutions.

Electronic Payment Services for the Online Business
Companies that do business over the internet need the appropriate payment services. Find out what they are when you read this article.

Electronic Payment Solution for Telephone Orders
You can get an electronic payment solution for your telephone orders. Get more information and advice here.

Electronic Processing for Mail Orders
Electronic processing for mail orders does exist. Find out how easy it is with the information in this article.

Electronic Payment Gateway
A payment gateway is necessary for any internet business that wants to sell products online. Read about what you need to get a gateway for your internet business.

Electronic Payment Software
Virtual terminal software allows you to process orders made online, over the phone or via the mail. Learn how a virtual terminal works.

Electronic Check Verification
Check verification is important for preventing fraud. Verify checks electronically and process checks electronically too.