Payment Processing Company Reviews

Welcome to PaymentProcessing.com

PaymentProcessing.com was created to enlighten and inform business owners about the best options for their credit card processing needs. Obtaining a merchant account for your new or existing business can be challenging in today’s marketplace, due to the vast number of companies offering payment processing services.

In addition, there are a lot of different factors that may significantly impact your payment processing experience, which is why our goal is to educate our visitors about the various elements that are primary to any business desiring to accept credit cards from their customers.

The first consideration essential to a supportive merchant account is the rate structure offered by the particular processor. There are a number of different pricing models available and it is very important to have a clear understanding of the fee structures presented and how they compare to other rate plans.

Additionally, a business should procure a payment processing solution that effectively and seamlessly processes your customers’ payments in the easiest manner possible.

The next component that any company should look for, when searching for a merchant account, is the level of customer service and support received from their processor.

Further, in order to save time, money and avoid headaches down the road, it is very important that business owners find out about set-up times, up-front costs and any contract term that may be required.

The entire process of setting up a merchant account can be overwhelming if you don’t know what to look for and where to begin. We try our best to provide accurate information to help merchants select the best payment processor for their business.

How Merchant Processing Works, Simplified

When a customer pays with a credit card, which was issued to them by a bank, otherwise known as an Issuing Bank, the credit card information is collected and bundled up by the terminal or processing solution that is being utilized by the business/merchant.

The credit card information is then transmitted through the Visa U.S.A. or MasterCard network, which relays the customer’s card data to the Issuing Bank. The Issuing Bank will then approve or deny the transaction based on the customer’s amount of available funds or credit. This part of the process is often called the authorization segment.

If the transaction is approved, notification of the approval is relayed by the Issuing Bank back to the terminal or processing solution and to whichever bank has partnered with the processor, that was selected by the business owner to handle their merchant account. This bank is known as the Acquiring Bank and is responsible for funding the business owner the amount of the card transaction, minus the applicable rates and fees.

As well, the Acquiring Bank sends a payment request to the Issuing Bank for the approximate amount of money it just funded the merchant. The Issuing Bank then funds the Acquiring Bank the requested sum, whereupon the Issuing Bank will then collect the amount of the original charge from its customer, who just purchased the good or service from the merchant.