Have you ever wondered what actually happens when a customer taps, or swipes their card?

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Here is the 5-step breakdown on how businesses get paid:

1.Customer Payment: The process begins when a customer pays for goods or services by tapping, dipping, or swiping their card.

2.Payment Processor Involvement: The payment processor takes the transaction information from the point-of-sale system, payment gateway, or terminal and sends it for authorization.

3.Card Networks: The transaction then moves through card networks, such as Visa, Mastercard, Discover, or Amex.

4.Issuing Bank Verification: The bank that issued the card verifies if the card is valid, ensures there are sufficient funds, and assesses whether the transaction looks safe.

5.Fund Settlement: After the transaction is approved, the funds are moved through the network and deposited into the merchant's business account, typically within 24 to 48 hours.

What about the fees?

Each party involved in this process takes a small portion of the transaction, which makes up the total processing fees businesses pay.

#trustclutch #merchantservices #creditcardprocessing #paymentprocessing #fees #howitworks

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