1- How Web Credit Card Processing Is Different
Web credit card processing is essentially the same as described above, except for one main difference. Instead of using a credit card terminal, the retailer’s web site will connect to a credit card processing gateway. The gateway will then connect to the retailer’s merchant bank and the process proceeds from that point exactly like it did for the brick-and-mortar retailer. When the gateway gets the result from the merchant bank’s processor, it is sent to the retail web site and the transaction is either completed or denied based on those results.

2- Getting Paid
You may have realized that no money was transferred during the process described above. The retailer receives no funds until the transaction is settled. Settlement occurs when the customer’s bank sends the funds to the retailer’s merchant bank account.
It takes anywhere from 2 or 3 business days for the funds to be transferred to the retailer’s account. During the time it takes to settle the transaction, both the retailer’s bank and the customer’s bank are looking for indications of credit card fraud. Once the funds are in the merchant bank account, they can be automatically transferred to your business checking account.

, , , ,

Add reply