What Is a Credit Card Processing Company?
A credit card processor makes it possible for you to take credit card payments by connecting the various services involved in the process. These include credit card networks (Visa/MasterCard/Discover/American Express), issuing banks (the customer's credit card company (Bank/Disney/Amazon) and your own merchant payment processing account (Merchant Processing Solutions or others).
When a customer swipes their credit card at a store or pays online, a credit card processing company (MPS) enables the secure transfer of customer data for payment approval to the Networks, collects the funds from the issuing bank (customer's credit card company) and deposits those funds to the YOUR BANK ACCOUNT within one to two business days.
Prior to this automation, stores would use a "knuckle-buster" machine and swipe a carbon copy of your credit card which the customer would sign. Those would be mailed off to the correct Network. A merchant would get a check sent to them about once a month with their funds! Today, in-person collection of payment pays merchants in 24 hours while card-not-present collection takes 48 hours. As long as the merchant closes their BATCH/SETTLEMENT prior the the processor's daily cut-off time for batching!
Want a knowledgable and honest Merchant Processing Solutions is your answer!
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