How merchant accounts work
by: steve_depradia
Total views: 102
Word Count: 411
Merchant accounts are reliable,
flexible, secure and almost always help a merchant to attract a number of new
customers who prefer using their credit card to any make purchase. But have you
ever bothered to find out how a merchant account actually functions. You may
believe its simple task of money from their accounts to yours. However the
procedure involved is slightly lengthier. This is how it really works:
Once the customer has presented
you with his credit card number you have to use your merchant credit card
number and place an electronic request with the merchant processing network. It
is they who authorize the transfer of funds from the cardholder's credit card
account. Your electronic request is instantaneously received by the processing
network, which is then channeled to the relevant credit card company. The
credit card company contacts the bank that issued the card, which then
authorizes or rejects the transaction depending on funds in his account.
If everything is in order the processing
network gets an approval code from issuing bank through the credit card company. It is then that your computer or
terminal receives an authorization code from the processing network. The six
digit authorization code allows you to capture the specified funds. This
requires you to give your customer a receipt or some sort of payment
confirmation. The customer’s side of the transaction is complete. But you still
have to wait to get your money. Once you have submitted the request to settle
the payment through the terminal or payment gate away, the processing network
receives the request and authorizes the capture of funds for each item. It is
only then that the funds are transferred to your account within 48 or 72 hours.
Now by logging onto to
Advanced Merchant Services (www.merchant-accounts.com) and applying for a
merchant account you can not only save your precious time for credit card
processing but also get the cheapest rates in the market. With
account within 24 hours. Advanced Merchant Services also offers a very dependable
processing machine absolutely free of cost to all merchants. Moreover
and offers a $200 dollar rebate to all merchants processing $10,000 or more in
any of their first three months. So visit us at www.merchant-account.com and
discover the various other advantages being offer by
About the Author
Steve Depradia is a well known author who writes articles on Merchant Accounts like Merchant Services, Merchant Service, Accept Credit Cards, Credit Card Processing, Internet Merchant Accounts etc. For further details, please visit the site www.merchant-accounts.com.
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