Important Advice About the Best Merchant Processing Option
Merchant processing means that a merchant can accept payment through a safe channel. Swype Fast provides one of the best merchant processing. In this article, we will discuss the various types of payments that are covered by merchant processing. We will also review the different terms encompassing merchant processing. Let us carefully have a look at the various factors involved in merchant processing.
Types of payments
The different types of payments are through credit card, debit card, e-checks, and Automatic Clearing House (ACH). We are already familiar with credit card and debit card payments. But what are e-checks and ACH payments? E-checks are payments that are done electronically. They are capitalized by the buyer’s bank account.
ACH is short for Automatic Clearing House. In the United States, ACH is the facilitator of all the financial transactions. If you want to do these types of payments, do check out Swype Fast, an online merchant services’ provider, which offers one of the best merchant processing. Plus, it charges no merchant processing fee.
Merchant process participants
The cardholder is the first participant. He or she is the person who swipes the card. The merchant comes in second. He or she is the person who sells his or her services to the cardholder. He or she sends the information written on the card to the issuing bank of the cardholder. Then, the merchant bank receives this information.
The merchant bank sends this information to the issuing bank, and whatever the issuing bank receives information, it is forwarded to the merchant. Hence, the issuing bank and the merchant bank are the third and fourth participants. An Association Member is also involved in this process like Visa, Discover, MasterCard, etc. The issuing bank communicates with them.
The various rates that come under the best merchant processing are the qualified rate, non-qualified rate, and mid-qualified rate. The qualified rate is a fee that is levied on the card type. A mid-qualified rate is a fee that is also levied according to the card type. It also operates on a card that does not qualify for getting the lowest rate.
This happens when the card is not swiped, and a card detail is entered in the POS machine. The last rate is the non-qualified rate, i.e., this type of fee is levied when an online transaction occurs. All these rates are calculated as percentages of fees charged. Swype Fast is one of the best merchant processing online that offers lower rates.
An agreement is signed between a credit card processing company and a merchant (the service provider). This agreement is called the merchant agreement. This agreement states that a merchant has to pay a fixed amount of fee to the credit card processor. In return for the fees paid by the merchant, the credit card processor enables the merchant to accept payments made through debit and credit cards.
A merchant needs to take care of a few things before starting to accept credit cards to ensure he or she provides the best merchant processing. Following the below pointers will help a merchant from incurring fines and also preventing the loss of his or her merchant account:
- Resolving customer issues with immediate effect should be made a top priority
- Making sure that the previous merchant accounts are no longer functional.
- Taking full advantage of the services given to him or her. For instance, the fraud screening products offered.
- Ensuring that duplicate transactions are not made.
- Maintaining the merchant services account.
- By not requesting a credit card to perform a check.
- By not placing maximum and minimum transaction limit.
- By not using the merchant account to provide money to a family member or a friend thereby ruining a credit card for personal use.
- Avoiding to split a bigger transaction into a smaller one.
- By truncating all the account numbers appearing on the receipts as each state has a law governing what and what not appears on a receipt.
Swype Fast provides the best merchant processing option as it gives its merchants the best services.
What happens when a credit card transaction is declined?
Whenever a credit card transaction does not take place because the card gets declined, you do not feel good. But there can also be other reason contributing to the declining of a particular credit card. Swype Fast provides best merchant processing because it takes care of the credit card transactions done by its customers.
The point of sale (POS) machine returns the reason behind the declining of a credit card. It gets a response code stating that reason. But, these codes do not tell the entire story behind it. You need to call the customer care service of your credit card issuer to know the reason behind the rejection of your credit card.
Your credit card can get rejected by not providing you the best merchant processing techniques due to a variety of reasons:
- Lack of funds.
- Incorrect addition of the expiration date or credit card number at the POS machine.
- If a lot of purchases are made within a short span of time, the card can get declined. This happens because the bank wants to prevent fraud.
- Rejection of international charges by the credit card company.
- Technical issues faced by the credit card firm or issuing bank during the processing of the transaction.
Hence, we can see how merchant processing covers the above terms that we have talked about in detail. We also can see how Swype Fast can help in providing merchant processing to its customers by offering various benefits, like reduced rates, zero merchant processing fee, etc. It also provides cash advances and loan by providing funding to small business. How cool is this? No other services provider provides the best merchant processing when compared to Swype Fast.
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