Avail Oceanpayment services to process credit cards online with the latest website credit card processor. Enjoy the best services for a cheap budget.
People nowadays prefer using credit cards during their online purchases since it offers security and time for repayments. So it has become essential for the merchants to include the best website credit card processor in their online stores. Even though there are multiple applications available to process credit cards online, only a few will be suitable to meet the requirement of the merchants. Having an international credit card processor will enhance the customer range of the website. Understanding their features and functions will allow the merchants to make a wise choice.
What is a website credit card processor?
A website credit card processor acts like a middle person between the merchant’s business and the credit card companies of the customers. The companies are responsible for transferring the payment through online transactions by accessing the codes in the credit card. The merchants can have both physical stores and online website stores to process credit cards online through these processors.
How to select a suitable website credit card processor?
If you are a merchant trying to process credit cards online to run on the processes, it is essential to consider the points given below.
● Charge-based selection – Flat rate transactions are suitable when you process credit cards online occasionally with fewer returns. But when it comes to access transactions, businesses can choose website credit card processors with annual/monthly fees and interchanging charges. So while selecting the charges, the merchants should consider their options which offer multiple choices for the customers.
● Transfer security – Security is an important factor when it comes to website credit card processor selection. The transfer process should be simple without major data requirements. At the same time, security should also be enhanced to prevent the leakage of data offered by the customers’ process credit cards online. This security should be enabled for both physical transactions and online transactions.
Transaction speed
As mentioned above, the website credit card processor should transfer the money immediately with fast security processing. The processor should process credit cards online with a robust up-time record and provide easy customer services when there is an issue. The processor should have the ability to transfer multiple transactions at the same time. The merchant must have techniques that process credit cards online with safety and accuracy as an online store.
To compile the above-mentioned features, the transaction must be transparent and faster. This website credit card processor technique will be beneficial for both the merchant and customers.
How to process credit cards online?
When it comes to credit cards, they can be used both through online and physical transactions. Physical transactions involve the usage of magnetic strip machines for scanning the card. But website credit card processes extract the customer’s card details and verify them before transferring the payment through OTP or secured PIN. Both these techniques are equally effective, and the merchant will need to pay a particular service charge for each payment. The service charge depends upon the application or the website credit card processor the merchant chooses.
Why choose OceanPayment?
When it comes to multiple credit card transactions for an e-payment store and accessing the best website credit card processor, then Oceanpayment is the best option. With multiple options available and advanced customer care service, oceanpayment provides a suitable website credit card processor to process credit cards online.
By giving your clients more options to choose from, credit cards help to collect payments easier for any business. To get started, let’s learn more about online credit card payments and how does it work.
What is a credit card processor?
Credit card processors are companies that allow business whether big or small to safely and securely receive payments in person, over the phone, or online using seamless integration.
There are key participants that are involved in the process of authorization and settlement:
1. The Cardholder
If you own a credit card, you are a cardholder. A cardholder is an individual who obtains a credit card from the issuing bank and presents it to a business when paying for goods and services.
2. Merchant
A merchant is a business that sells goods and services. In this context, a merchant is a business that has a merchant account that allows them to accept credit card payments from cardholders once they purchase goods and services.
3. The Merchant Bank
A merchant bank is also known as an acquiring bank is a member of the card associations that is Visa or MasterCard. The merchant bank contracts with the merchants and maintains the merchant accounts for them so that they are able to accept both credit and business cards. Merchant banks are responsible for providing merchants with both the equipment and software needed to handle card payments.
4. The Payment Processors
Payment processors are the companies that process credit card transactions. They connect the merchants, acquiring banks, card networks, and other shareholders responsible for making credit card payments possible.
How to process credit cards online?
Within the few seconds it usually takes for a credit card transaction to be approved or denied, several small steps are taken via an internet or phone line connection. Two main stages make up credit card processing: authorization and settlement.
Authorization
Card details and purchase amount must be first verified and authorized by the issuing bank. This happens in the few seconds it takes for a cardholder’s credit card to be approved or denied. The message often shows up on the card machine after a cardholder swipes or enters a card.
- Step 1: The cardholder swipes, taps or inserts their card into a merchant’s card machine to make a purchase. (Or enters a card number if purchasing online.)
- Step 2: The merchant’s credit card machine sends the card information and transaction details to the acquiring bank (or merchant bank) via the internet or phone line.
- Step 3: The acquiring bank receives the information and sends it along to the appropriate card network (Visa, Mastercard, Discover or American Express).
- Step 4: The card network routes the information to the cardholder’s issuing bank.
- Step 5: The issuing bank receives the information and checks the card details (like card number and CVV code) to make sure the transaction is not fraudulent. The bank also ensures the cardholder is in good standing and has enough remaining credit to cover the purchase (or has sufficient funds to cover the transaction if using a debit card).
- Step 6: The issuer sends a response back via the card network to the acquiring bank.
- Step 7: The response is received at the merchant’s credit card machine or terminal. If all the credentials in Step 5 check out, the transaction will be approved. Otherwise, it will show a message like “denied” on the machine. The cardholder sees this information right away and finishes the transaction while the response code is stored on the merchant’s machine for stage two of processing.
This process may vary slightly depending on whether the transaction happens in-store or online. Traditionally, merchants set up a merchant account with an acquiring bank and link the point-of-sale system to an account. Merchants can set up accounts with merchant service companies like Square. Doing so removes the need for merchants to set up a direct relationship with an acquiring bank but adds another middle person to the equation.
Settlement
The second stage of credit card processing—settlement—happens among the merchant, acquiring bank, card network and issuing bank. This process involves much back and forth to debit and credit money from party to party (including processing fees charged to the merchant).
Each credit card authorization is stored in a merchant’s point-of-sale system. Typically at the end of the business day, a merchant sends a batch of authorizations to the acquiring bank. The acquiring bank will then confirm each authorization and send the batch via the card network to the appropriate issuing bank. The acquiring bank will also deposit the funds owed to the merchant into the merchant account (minus any processing fees).
The issuing bank pays the acquiring bank via the card network. The card network debits the issuing bank for each transaction amount and credits the acquiring bank, essentially acting as a middle person between the two.
If a cardholder regularly checks spending activity online, he or she may see a recent charge go from “pending” to “posted” on the account. This usually takes one to three business days as the merchant settles sales with the other parties. The cardholder later pays the issuing bank what he or she owes for every purchase, plus any fees or interest accrued as per the card agreement.
Website credit card processor – Oceanpayment
As website credit card processor, Oceanpyament provides merchants with all types of instant, reliable and secure online credit card processing solutions. Our value-added services include storing data, avoiding fraudulent transactions, and so on. Our anti-fraud security system can provide safe and reliable credit transactions, thereby helping merchants to win the trust of customers and profit from more sales.
Using Oceanpayment’s Online credit card processing solutions, you will be free to provide customers with multiple card scheme options and allow them to have a seamless checkout experience on any device. Contact us for more details >>>
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