Today’s business owners also have to be savvy consumers. This is because they routinely evaluate the products and services required to keep their businesses running smoothly. Accepting credit or debit cards, for instance, enables store owners to get paid instantly.
But are you aware of the steps involved?
For seamless day-to-day debit and credit card processing, it’s imperative to select the right card processing merchant, as card processors are an integral part of any business.
However, this choice doesn’t require a special degree. If, as a business owner, you understand how credit/debit card payment processing works, it will be easier for you to choose a payment service provider.
In order to better understand the process, let’s look into the different steps involved in card processing.
In this pandemic scenario, studies have revealed that the future of credit card payment processing in Canada looks optimistic. Credit or debit card processing works in three different steps:
The authorization process goes like this:
Now, let’s take a look at the settlement process:
Payment authorization only takes a few seconds, while the settlement and funding processes usually take a day or two, depending upon the payment processors.
However, the real role here is of the payment processing company that charges a fee to authorize the cardholder’s money and settle the payment process. For businesses, therefore, choosing an affordable payment processing company is vital.
Even though the checkout process associated with credit and debit cards is straightforward, there are a lot of steps involved when it comes to card-related payments. That’s why selecting the right payment processor is important. However, choosing the most affordable card processing company can be quite a task. Soft Tech Payment can help.
By offering the tools you need to accept card payments seamlessly, we can be your most suitable merchant service provider. We offer the right POS solution or card payment gateway for your e-commerce business at affordable rates, which allows you to accept and process card payments seamlessly.
Soft Tech Payment simplifies your payment processing, so you can grow your business at your own pace without worrying about your budget. To learn more about our processes and receive assistance from one of our professionals, get in touch with us today.