Credit Card Processing
Credit card processing has become a vital component of the business sector. As credit cards establish a top spot in every consumer’s wallet, a reliable processor becomes every merchant’s necessity. More than 23 billion credit card transactions are processed each year, just within the United States. The credit card processing begins after the card is swiped. The information on the magnetic stripe on the back of the card is read by the machine. There are four actual steps a merchant must take in order for the card information to be sent to the processor for funding. First, they must authorize a transaction. The merchant must swipe the card or capture the card number and expiration date in some manner. In this way, the merchant continues authorizing sales throughout the day, collecting a batch of transactions. At the end of the business day, they settle their terminal (or software). By settling, the merchant sends the card information to the processor. Then, the processor (otherwise known as the acquirer), disburses the different cards’ transaction information to the various networks; the networks, in turn, collect the funds from the card issuers. The card issuer will keep a certain percentage, called the interchange fee, then releases the remaining to the acquirer. This step is called clearing. Lastly, once the acquirer has received the transaction money, they will collect a small percentage for their work, then release the rest to the merchant. This is credit card processing.
However, there is much more to processing than four simple steps. And this is where North American Bancard offers and excels at servicing business owners. We cater to business owners at every stage of card acceptance. With experienced and educated account executives, even the most fresh and inexperienced business owners are able to easily navigate the world of credit card processing.
Once boarded with NAB, our underwriting department ensures the merchant account is set up to best fit with the merchant’s business model. For instance, where next day funding seems to be necessary, next day funding is made available. Where a merchant may need assistance better equipping their marketing/sales website, underwriting will explain what needs to be added or subtracted to better market their services and attract clientele. Simultaneously, our customer service and technical support are available throughout the day to help with explaining credit card acceptance guidelines, pricing, technical issues, etc. And, of course, merchant awareness is always available to keep watch over specific credit card transactions being submitted, making sure each transaction is valid and able to be processed. They are the first ones to catch those fraudulent customers plaguing the industry with identity theft. There are numerous other departments in the company as well, each striving to make the card acceptance easier and more seamless for the business owner.
North American Bancard works in the business of servicing businesses. We work to make credit card processing easy at every step; we work to make your work simple!