With the growth of e-commerce, credit cards have become the most popular method of transacting payments online. Credit card payments are quick and convenient for customers and merchants. This is why every online store must have the capability to accept and process credit cards.
With the help of Intechnic’s automated Credit Card Processing, customers may use their credit cards to pay for their purchases directly on your website. It requires no special hardware or software and can be included with your Orders and Payment Processing System.
There are several methods of Credit Card Processing available. The most popular and trusted method that Intechnic Corporation recommends is the following: The customer submits their credit card information as part of the checkout process. Once the credit card information is provided, the website validates the credit card number and the expiration date, and then submits it to a payment gateway (electronic clearing house) for purchase authorization. At this point, the customer’s credit card is not charged but is verified for the availability of funds required to complete the transaction. If the funds are available (authorized), they are reserved by the credit card issuing bank and are guaranteed to the merchant. In case the payment gateway does not authorize the transaction, (wrong or expired credit card, insufficient funds, etc.) an error message is displayed to the customer prompting them to check the information they provided or try a different credit card.
Once the transaction is authorized by the payment gateway, the checkout process is complete and a receipt is e-mailed to the customer. At this point, the designated personnel may review the order to either approve or deny it. Approving the order initiates the capture of funds by transferring money from the customer’s credit card to the merchant’s bank account. Denying the order releases the reserved funds back to the customer.
This method has been worked out over many years and is optimal for most companies for reducing fraudulent transactions by screening all credit card purchases. Intechnic Corporation also offers additional automated services and solutions designed to reduce credit card fraud in the card-not-present environment.
Please note that the implementation of the Credit Card Processing requires your company to have two accounts:
- A merchant account with a bank that allows you to accept credit card payments and that deposits funds into your existing business checking account.
- An online gateway (clearing house) account (such as Authorize.NET™, VeriSign™, etc.) to be able to process credit card payments electronically without swiping the credit card through a terminal.
Intechnic Corporation will happily guide you through the entire process of opening the required accounts and setting them up to work with your website.