Your Credit Card Merchant Account: How Payments are Processed
If you’d like to start an online business, one of the many things you’re going to have to set up is a credit card merchant account. Without a merchant account, you will not be able to accept credit or debit cards as a method of payment. In this day and age, attempting to run a business without accepting online payments is likely setting yourself up for failure, so researching merchant accounts will go a long way in getting you ready to put forth your best effort.
What Is a Credit Card Merchant Account?
A merchant account is a special bank account designed to hold the money your business brings in via credit or debit card. There are several important steps between a customer deciding to make a purchase and the money appearing in your account, and those steps are handled by various organizations.
The Payment Is Taken and Checked
When a customer wants to make a purchase from your website, he or she will provide credit card information. This information is then processed, verified, and approved by either an additional service provided by your merchant bank or a third party payment gateway such as Allied Wallet.
Accepting payments from stolen credit cards or opening yourself up to other security issues could cost your business everything in the long run, so it’s important to go with a processing solution that you feel good about. Allied Wallet is PCI-DSS Level 1 compliant and offers secure data encryption, which allows you to come through on your promise to provide security for your customers.
The Request Is Submitted
After all security checks have been completed, your payment gateway will submit a request for payment to the credit card brand, such as Visa or Discover card. The brand then forwards that request to the bank that provided the card, such as Chase or Wells Fargo.
Payment Is Processed and Credited to You
After the bank approves the transaction, they will alert the card brand, who pass the information along to the payment gateway. From there, the payment will finally be credited into your account. This may seem like a complicated process, but as long as you are working with organizations you trust, all you have to do is sit back and watch your profits grow.
How Do You Choose the Right Credit Card Merchant Account?
The best way to find the right merchant account is to choose a payment gateway that will process and handle everything for you. Allied Wallet is your complete solution, handling all of the interaction between your customers, the credit card companies, your merchant bank, and yourself. Our global services will allow you to accept payments from all over the world, helping you make a name for yourself and out-sell the competition in your market.
We understand that the process for online transactions can be a bit confusing, so if you still have questions about setting up a credit card merchant account or other solutions for your business, please contact us today. We are proud to offer full-service payment processing that can help your business thrive.