Credit card processing is a complex multi-step procedure (that will look at from a little bit), and various people and/or businesses are involved in each step. The various entities involved are: the merchant, store, agency, person(s) processing for you. The business that is selling the item or service to the consumer. And of course, the buyer (you!). Each step below will detail what each one is involved in, and the respective relationship with each one. The first step in the Microsoft Dynamics 365 Business Central Credit Card Processing involves "authorizing" the merchant, store or agency. In order to do this, the buyer (you!) provides authorization for the transaction to go ahead. This means you've either provided credit card information to the merchant, or have verbally granted him permission to use your card. Note that this only applies if you're using a website for credit card processing - if you're instead doing everything over a phone line or via email, your authorization comes through verbally. There is one more entity involved in credit card processing that we should discuss - the organization or person handling the actual payments. For example, the Point-of-sale terminal. The iSolutions professionals job is to take the customer's billing information, and process it so that it matches up with the sale price you're offering. Their job is not only to process your orders; it is also to keep abreast of those they've processed and make sure everything is in order. They are, obviously, very important to any credit card processing transaction. But that's not all there is to it! What about the organizations and people processing your credit cards? There are two main reasons for it - fees and rules. Banks and credit card associations want their fees to be low, but they also want to ensure that only legitimate buyers pay with their money, and only with their information. The last thing these organizations want is for their clients to run away with all their cash. These are two very different things, and both need to be addressed when getting into merchant accounts. The best small business credit card payment processing companies want both to be low in fees, but also to process your orders quickly and securely. This is usually a two-part process. First, they must have a group of professionals who are well versed in security issues and who can keep track of who has been approved and who has not. Part of this group is responsible for performing the actual authentication, which includes authenticating all the different credit card processors the site has tied up with. Then, the company must have a system in place for monitoring the progress of these authorized transactions. Often, this involves a reporting system, where a certain percentage of all credit card transactions go through to be processed and authorized. Different businesses have different needs here, so this step may vary. The credit card processors report the activity of all the businesses who perform authorized credit card processing. This information is then made available to banks and other institutions that might be interested in processing these transactions. Finally, many businesses have options for payment depots, where the processing of these transactions go through to be deposited directly into a designated bank account. Read this article to get more enlightened on this subject: https://www.britannica.com/topic/credit-card.
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