Payment Processing

Payment Processing is the process used for distribution of funds between customers and merchants. During a payment processing transaction, the credit card information is routed from the merchant terminal location to the credit card issuers. This process is what gives the merchant authorization to charge the card and eventually settlement of the account.Payment processing is what merchants need in order to initalize and eventually complete an electronic transaction. Merchants also use this same process to refunds to customers when necessary. The payment processing can also be referred to as transaction processing.

Payment processing is seperate from obtaining the merchant account. The merchant account is widely the recipient of the transaction funds brought to the account through the payment processor. There are several companies that provide these services and are integratable with various merchant accounts. Not all payment processing software solutions are compatible with the various merchant accounts or shopping carts. This makes it important for merchants to do their homework before committing to a product.

In the ecommerce world, there are companies that provide third-party payment processing services. These services allow merchants to use their merchant account to process transactions by providing easy to install shopping carts, the ability to quickly link the merchant's bank account along with the same security as a regular payment processor. Many times customers prefer to use a secure shopping cart on a merchants website instead of a third party provider. Rates are usually lower when a merchant opens their own merchant account and arranges a payment processing solution through their merchant services provider. For these reason, many larger merchants find it more economical to handle their own payment processing and merchant accounts.

Payment processing is an essential part of the merchant account industry. All merchants handling credit cards need to have some solution to handle their transactions, whether it be through a third party company or through their own business. Though there are many solutions, merchants need to figure out which solutions best fit their company's needs, both logistically and economically.

 

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• 01.
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