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    C32, Plot no.-14, Kaushambi, India

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HighRisk Gateways is a Global Credit Card Processor for high risk merchants. We began our operations a few decades ago and have grown due to excellent relationships with our International Processors. We started out small, with just a few people, but today we have 100’s of Agent/ISO/Resellers working with us. HighRisk Gateways has achieved our success because of how successfully we integrate and provide the services to our merchants. Merchants fear outside companies to get a merchant as they can’t go to them to meet. We are based in India can be reached googling our business name or setting a direction to our office by google maps. If you would like schedule your meeting with us, Please send us your business profile and we will review it to ensure the approval. We will email/call to you to setup our meeting according to your convenience. HighRisk Gateways continues to grow every day in the market of online credit card processing, thanks to the confidence our merchants have in us. We cover many high risk industries such as Financial, Forex, IT Support, Herbal and Health Care Products, Business Services,Consumer Products…etc.

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Credit Card Processing What is it And How does it Work

Promotions : 05 Mar 2022
11 months ago
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Nowadays, it is especially true that most customers prefer to pay via debit and credit cards. So, it’s imperative to understand the concept of credit card processing. Keep reading to know…what credit card processing is? How does it work? And why it is necessary for your business?

Credit Card Processing What is it And How does it Work

Nowadays, it is especially true that most customers prefer to pay via debit and credit cards. So, it’s imperative to understand the concept of credit card processing. Keep reading to know…what credit card processing is? How does it work? And why it is necessary for your business? 

What is Credit Card Processing?

Credit card processing is an essential process to complete credit card payments. In today’s digital age. Transactions can occur anywhere, in-person, online payment modes, or via credit cards. Credit Card Processing | Key Players.

Credit card processing involves various entities that include.

  1. Customer. The customer is the person who makes the purchase.
  2. Merchant. The merchant is the person selling a product or service to the customers.
  3. Payment Gateway. Payment gateway refers to the technology connecting a merchant to a payment processor. The process includes integrating with card-present and card-not-present payment methods. And receive the payment details of the customer’s transactions. Then send these details to the payment processor or acquiring bank. And then provide an approved or declined status to the merchant.
  4. Credit Card Processor. This is the financial organization that helps in communication. Between merchants, credit card network, and the cardholder’s bank. And credit card processors must follow (PCI DSS) rules.
  5. Credit Card Network. It refers to the credit card’s brand, such as Visa, MasterCard, or Discover.
  6. Issuing Bank. It is also known as the cardholder’s bank or customer’s bank. That provides credit cards to their customers. And then the issuing bank will check. Whether the customer’s account has enough funds to fulfil a transaction. And if the statement meets these requirements. The issuing bank will release the funds for settlement.
  7. Acquiring bank. It refers to the merchant’s bank. And that is used for storing business funds. And receiving funds from customers. These banks provide equipment to merchants. And allow merchants to accept card payments. Acquiring banks can also work as credit card processors.

As we have discussed credit card processing. So, now let us discuss how credit card processing works to process payments.

Credit Card Processing | How does it work?

In credit card processing. There are three main steps involved. Authorization, Authentication, and Settlement.

1. Authorization. 

This is the initial move in processing transactions.

When the customer enters their credit card details on the merchant’s website. The merchant requests payment authorization from the payment processor. The payment processor forwards that request to the credit card network. And the card network will send the request to the issuing bank.

The issuing bank will approve or decline the request. And send a message for approval to the card association. And this message consists of the customer’s credit card number. End date, billing address, transaction amount, and security code. And if the customer does not have enough funds to make a purchase. The card has been declined. Also if any suspicious card activity may be highlighted. The card has been denied because of security measures.

And after receiving the request. The card network will send its approval or cancellation to the payment processor. The payment processor will send its authorization or revocation to the merchant. When the request is approved. Then the merchant will provide the product or service to the customer. And declined requests mean that the customer needs to use another method to pay for purchase.

2. Authentication. 

This is the second step after completing the physical transaction. Because the issuing bank must ensure that the transaction is valid or not. 

The credit card network will request payment authorization from the customer’s issuing bank. Then the issuing bank will verify. That the customer’s account has been authorized for the transaction. And then check the identity information. 

Next, the issuing bank will provide its approval or denial to the card network. So, the issuing bank will place a hold for purchase funds on the customer’s account. And it will show up as pending to the customer. And after verification. The merchant’s POS terminal collects all approved authorizations.

Then the merchant will send the customer a receipt as proof of its purchase.

3. Settlement. 

This is the final step in credit card processing. In that the merchant will receive the funds from the customer’s bank.

And the settlement phase can take some days. Depending on the credit card network being used. The merchant’s POS forwards the collected payment authorizations to the payment processor.

The payment processors transmit the authorizations to the card network. Then, the card network forwards the critical information to the issuing bank. After that, the issuing bank charges the customer’s account for authorized payments.

The issuing bank also deducts an interchange fee for the card network. And then transfers the remaining funds to the merchant’s bank. After receiving the interchange fees. The merchant’s bank transfers the money to the merchant’s business account.

Important factors that affect credit card processing system.

For an amazing card payment processing. The essential factors that play an important role are.

Transaction Speed. Most customers want to pay by using debit and credit cards. And it is the faster mode of transacting with your business. Because they always want the process to be secure and fast. So, you will choose a credit card processing system. And that can manage a large number of transactions. So, a friction-less credit card processing can complete a transaction in less than two seconds.

Strong Updated record. Credit card system cancellation can drive a loss to your business. As an outcome. Customers may assume your brand as inconvenient. And may also move to a different online merchant. So, along with reliable card processors. It should also have the perfect updated history and backup. Moreover, they have measures to cut down service interruptions.

Fair Rate Structure. Your credit card processing service provider should have transparency in the rates. A payment processing fee may consist of components like interchange pricing. And also a concise rate structure will help you in analysing all the information.

Great Customer Service. Troubleshooting and maintenance of your payment processor is an essential part. So you will have to ensure your credit card processor provides 24/7 customer support.

Transaction Fees in Credit Card Processing System.

The players of credit card payment processing system charge for their services. Third-party payment processors can also apply fees on a daily or monthly basis. And receive credit card fees from your transaction amount. And the processing fee deduction happens on a daily or monthly basis. But the processors settle the funds daily in monthly discounting. Because the fees for the whole month deducts at the end of the month.

And these deductions consist of the following types of fees.

  1. Startup Fee.
  2. Monthly statement fee.
  3. Discount rate.
  4. Transaction fee.
  5. Minimum monthly fee.
  6. Chargeback fee.

Why is Credit Card Processing important for your business?

Credit Card Processing plays a vital role in processing card payments. And by working with a credit card processing company. You can provide a positive checkout experience to your customers. Because if your customers feel confident. That your business is trustworthy and safe. So they will make repeat purchases. And also stay loyal to your company.

Final Words.

Whenever you want to choose a payment processor. So, you must look at a key feature for security protection in managing transactions. And the processor company should follow PCI and EMV compliance regulations. Because it will help you prevent credit card fraud. Moreover, the payment processor should provide the top security features for businesses. Like multifactor authentication, encryption, and tokenization.

Why trust HighRisk Gateways?

Keep your keen eye when choosing a credit card processing service. Because the safety of your customer’s credit card information and your reputation is at risk. HighRisk Gateways will help you in meeting your business requirements. And also give you peace of mind that your customer’s payment details are protected. Via our tokenization and PCI DSS-compliant solution. You can contact us anytime. Or you can also drop us a mail.

Source: Credit Card Processing What is it And How does it Work

#credit card processing #offshore payment gateway #high risk payment gateway #high risk merchant account #forex trading merchant account

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