5 Fascinating Factoids About Payment Processing

Payment processing is now possible practically everywhere. It has moved beyond traditional retail to the Internet, into the field and beyond  

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5 Fascinating Factoids About Payment Processing

May 31, 2017

5 Fascinating Factoids About Payment Processing

Payment processing is now possible practically everywhere. It has moved beyond traditional retail to the Internet, into the field and beyond , thanks to new technology like online, wireless and mobile processing.

But for many merchants and customers, what goes on behind the scenes after a payment card is presented at the point of sale is a little hazy. So TSYS Merchant SolutionsSM fills in the gaps with these fascinating factoids:

  1. The cardholder is just the first cog in the credit card processing machine. Once he or she swipes or dips a card at a merchant's terminal, or enters account information on a website, the data is transmitted electronically to the merchant's processor. The processor passes the information along to the credit card association, which confirms with the card issuer that the cardholder has adequate credit to cover the transaction. Authorization is passed along to the processor, who informs the merchant, who then completes the sale by issuing a receipt. This chain of events is completed in just seconds — faster than it takes to write a check or count out change.
  2. The actual settlement of a credit card transaction can occur days after the sale. The merchant submits all the transactions at the end of the day to the processor in a batch settlement. The processor sends them to the issuing bank for payment. The issuer pays the processor and bills the cardholder. The processor deposits the funds into the merchant's account, usually within 48 hours of the sale.
  3. Security is the foundation of all electronic payments processing. Both merchants and processors use SSL (secure socket layers) to shield sensitive and personal information from fraudsters and hackers. Additionally, the Payment Card Industry Security Standards Council (PCI SSC) has established and enforces the PCI Data Security Standards (PCI DSS), which lays out requirements for maintaining a secure transaction environment that all merchants and credit card processors should follow.
  4. TSYS Merchant Solutions provides its merchant clients with information and tools to achieve and maintain PCI compliance. In the event of a suspected or actual data breach, our Card Compromise Assistance Plan offers protection from crippling expenses associated with the event.
  5. Most merchant services providers offer products and services beyond debit and credit card processing. In addition to merchant accounts and various processing options, providers can set merchants up with credit card machines and software, electronic payment gateways, ACH processing, and data management, monitoring and reporting services.

While accepting credit cards may not be as simple as it seems on the surface, it's a process that simplifies transactions for merchants and customers alike. Credit card processing is quick, secure and convenient. Consumers have come to expect to pay with plastic. Savvy merchants will oblige.

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