Have you been looking for a fast and convenient method in which your clients can pay you and your business continues to grow as usual? Waiting for checks to arrive is being replaced by accepting credit cards over phone or mail, simply because of the convenience that comes along with it.
Despite the fact that online transactions are getting more popular by the day, there are still some people who like keeping things as safe as possible by using their credit cards over phone or mail. This tried and tested option help you to enhance your business vision that other businesses will blissfully ignore.
We believe in keeping our customers satisfied by encouraging them to never settle for less. Orders that come in via phone or mail are customer not present orders and these orders can be cleared even without the customer being present. Let us take a look at how our company works:
As a merchant, you will receive a call from the customer regarding his credit card information. This information will be entered by the customer into the terminal for the credit card processing or sin simpler terms, the PC software. The next step is to use the address verification system, which is used to validate whether the customer’s credit card is authentic or not.
The merchant’s terminal or PC will connect to our company’s processor for further verification. Once both the terminals are connected, we will receive information regarding the credit card, verification of credit card details and the purchase amount that has been decided upon.
Our next step is to ensure that our processor passes on this information to the bank that has issues the credit card. The bank checks for the authenticity of the card and checks if the amount of the purchase is available on the card and when the availability is verified, the same is kept aside for the merchant.
After verifying and coming up with a decision, the bank that has issued the credit card sends a message to the processor at our end.
This information of approval or decline is sent back to the credit card terminal and the merchant gets an approval number along with a receipt to be set aside for records. This step will not take longer than 10-12 seconds to be over.
The merchant is now free to settle the terminal manually and this is often seen as the final step of the transaction. This is also known as the settlement process and once this sets in, the funds set aside by the issuing bank will be electronically deposited in the merchant’s said account.
There is no denying the fact that accepting credit cards over phone or mail could have its disadvantages. To get the best out of your merchant account, we suggest that you always know your fess in advance. Whenever you initiate the process of credit card transactions, it is essential to know how much you could be charged and when so that you have a particular budget to resort to because financial transactions are best avoided in the form of surprises.
You should also know that there are different types of fees applicable on your transactions, depending on the level of risk that the company is investing in you. While some companies may have a no application fee rule, some others might charge a one-time fee. You also have to consider the possibility of charge backs in a few circumstances.
Are you aware why mail and telephone order merchant accounts are considered high risk? This is because both the credit card and the buyer are not physically present during the transaction. Always let your merchant account provider know that your business revolves around phone or mail order and keep yourself mentally prepared for paying a little more than usual.
While it is quite easy to set up your merchant account and a lot of people around you have done it in less than a couple of days, it could take you a little more time than usual for your merchant account to accept and use credit cards. When everything is ready for a brand new campaign, it is quite embarrassing to find out that your merchant account and credit card terminal will take more time to start functioning.
If you need your merchant account in the near future, it is advisable that you start setting it up a few weeks in advance of the transaction.
For your card-not present transactions, you can now use our safe and secure virtual terminal to process your credit cards. Furthermore, our friendly customer support system will be available 24/7 to answer all your queries. Contact us today to equip yourself with one of the fastest and the most dependable merchant account networks in the industry.