3rd December 2009
More and more companies are turning to credit cards as a way to utilize
payments quickly and accurately. Card processors are becoming the norm
for any business looking to utilize their selling potential. Many
small businesses still do not accept credit cards and the truth is that
it is hurting their sells.
Individuals often do not carry any cash whether it is for fear of
losing the money or just the fact that it is easier to carry credit
cards. A company looking to maximize their selling potential can
easily do so by utilizing credit card sales.
These processors can speed up the process of consumer to merchant by
transmitting data quickly over a processor’s computer network. That is
just one of the many benefits, some others include:
• Safe Transactions
• Tracking On All Purchases
• Easy Book Keeping For Businesses
• No Actual Money (Paper) Changing Hands
• Protection of Data on Sales and Purchases
A business can utilize credit card sales relatively easily. The
merchant can make a sale and the customer will then use their credit
card along with the card number and the amount. The processors will
often times be a bank but that is not always the case, sometimes the
processor is simply a middle man providing processing services.
The next step for the processor is that the transaction will then be
sent to a credit card company for processing. At that point the bank
that the customer has the account through will be checked to insure
that the funds are there before the purchase is completed. The card
processors are then responsible for receiving the authorization over
the computer network. At that point the sale is complete and secured.
The business will send the all charges from their processor to the
network and each transaction will be processed. The merchant will
receive their funds minus any fees for processing and the transaction
is totally complete.
All of these things happen in seemingly an instant. A swipe of a card
creates the whole chain of events. When receiving cash or paper from a
consumer it is hard to match up unless receipts are kept accordingly
and the cash till is accurate at the end of each transaction. Card
processors are vital in the completion of these transactions and all of
the data is kept through the processor instead of relying on manual
Many small businesses do not have these processors and are at a total
disadvantage when receiving payments from consumers. A typical
consumer is more likely to walk away from a merchant who does not
accept credit cards just because of the ease of the transaction. Why
put that stress on your business when you can simply process
transactions for a minimal fee?
Businesses count on quick and friendly transactions to keep them ahead
of the cutting edge. Card processors, especially PDQ machines, are the base in which the cutting
edge is judged. Not utilizing credit cards when processing sales is
like robbing your company of income.