Payment Processing Methods You Can Offer

In today’s world, payment processing methods have been aided by technology to make it fast, easy and convenient.

Back then, everyone used to pay by cash. Because there was a need to be able to pay large sums of money without bringing cash, the check was introduced. This worked for a while, though, until the issuance of “bad checks” came to light and started hurting businesses. And so we have the latest mode of payment, which is the credit card payment. Most companies nowadays accept credit cards because of its many benefits to both the customers and the business. If you think that is convenient, did you know that there are various payment processing methods that your company can offer your clients?

Face-to-Face Credit Card Payment

This is the common credit card payment processing method we know, as it is widely used by many different establishments not only in the UK, but also in other countries. The customer hands you the credit card and you immediately process their payment. This can be done with desktop card machines, portable card machines and mobile card machines. Some companies offer to sell a credit card payment processing machine while others may allow you to rent one from them.

Over-The-Phone Credit Card Payment

This payment processing method usually involves a customer service representative who will attend to the customer over the phone. As a business, however, it may require you to have an Internet connection and a related payment system. What happens is that the customer calls your hotline and is attended to by the customer service representative. The customer relays the information to the customer service representative who then inputs said information to the web system and database.

Mobile and Online Credit Card Payment

This particular payment processing method also involves the Internet except it no longer includes a customer service representative in the transaction. Instead, the customer is directly led to the online website where he or she could make a payment. The website should be easy to understand to avoid misunderstandings.

This payment processing method also requires a certain level of security known as that involves two phases. First is the approval phase, which verifies the card holder information as well as the funds and validity of the card. If the transaction is declined, the customer will have to select another payment method. Otherwise, it moves to the settlement phase wherein funds are transferred to and received by the merchant account.

 



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