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What is a Merchant Credit Card Processor?

Anonymous

∙ 11y ago

Updated: 9/28/2023

A "Merchant Credit Card Processor" is a electronically device that takes the information from your customers credit card for payment. This will automatically put the payment in your account after charging the customers credit/visa/master card.

Wiki User

∙ 11y ago

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What companies do merchant credit card processing?

There are a few to choose from. Evolution Bankcard is a merchant processor with competitive rates. Merchant warehouse has over 100,000 customers. Leaders is a merchant processor that has been used since 2000.

What does mtot mean?

Merchant Total ... it is a monthly charge from your credit card processor for running Mastercard/Visa transactions.

What is credit card processing?

Credit Card Processing involves and merchant service provider (third-party) who takes care of all the processing of credit card transaction between credit card issuer, merchant account provider and merchants. CreditCardProcessing(dot)com has explained the exact process of how credit card processing works: CreditCardProcessing.com/2014/03/credit-card-processing-works-infographic/ Here is the step wise execution on how actually credit card processing works 1. By Using a credit card customer makes the purchase and makes the payment 2. Payment authorization is send to payment processor by merchant site payment gateway 3. Transaction details are then send to credit card network by payment processor 4. After that payment request is authorized by Credit Card (CC) Network where in the requested amount from the card holder bank account is debited. A payment approval confirmation is also sent to the processor. And Payment processor then confirms payment approval to merchant site 5. After the approval merchant ships the purchased product to the customer and the amount/funds are transferred within 2-4 days.

What is the purpose of a merchant account in terms of credit card usage?

The purpose of a merchant account in credit card usage is that if one opens a business and accepts credit card payment online, one has to have a merchant account.

What are some examples of credit card software?

Payment processors merchant banks use a payment processor such as an electronic payment clearing house to settle credit card transactions through the bank system for merchants. These are sometimes called credit card transaction networks.

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