paymentprocessingguide
The Simple Basics of Payment Processing
Payment processing revolves between the merchant and the customer. The customer is the one who is paying while the merchant is the one being paid. The online payment process is an easy way of making payments and doing money transactions. As a merchant, the first thing you need to do is to determine the validity of the credit card of the customer. It is automatic that if the credit card of the customer is not valid or it has some critical missing information it will be declined by the merchant's online payment processing software. It is not the duty neither is it a responsibility of the merchant to explain to the client the reasons as to why his or her credit card was rejected. It is the responsibility of the customer to contact his or her bank to understand the reasons as to why the card was declined in case it does.
Some of the possible reasons which may lead to the declination of the transaction using the credit card are due unauthorized dealer, pending settlements as well as lack of enough funds in the credit card.
The merchant should authorize the payment mode through the credit card of the customer. This is the responsibility of the merchant to make sure his or her payment processing gateway or software can accept the credit card of the customers. If the merchant does not authorize it, then it means he or she will be losing sales to willing customers. The authorization process includes checking whether the customers' credit card has enough funds to service the bill as well as checking if the credit card is valid and expired.
Another basic thing to understand about the accounts payable controls payment processing is the issue of settlement. When you are dealing with a client and he or she purchases, pays and leaves your store by either logging out or even hanging up the phone after considering the sale completely done, it is your responsibility as the merchant to follow up and make sure the transaction is settled. The transaction is still ongoing despite the customer logging out or hanging up the phone until all the payment is settled. After the settlement process, now it follows the process of payment processing. The money is deposited into the account of the merchant, after all, about the transaction has been checked and found to be in order. Those are the simple and easy basics of automated accounts payable systems.
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Tips for Choosing a Payment Processing Company
Choosing a payment processing company is never a smooth sail. There are things you need to have in mind in order to get the right one for your purpose. For instance, you want to work with a company that is not only highly experienced but also able to meet all your requirements. Read on to find out some o the tips and tricks you could use in order to get the right payment processing company.
You want to consider asking for recommendations from people on the know. The word of mouth will never disappoint you. You only need to talk to people you trust and everything else will fall into place. As long as they know what your requirements are, you will have nothing to worry about.
Aside from taking advantage of the power of the word of mouth, you should shop around online. Internet research is not only fast but also very effective. As long as you know what you want, you will always get the information you need. Checking reviews should also help you make the right decision. Companies with positive reviews will never disappoint you when it comes to quality service delivery.
You want to consider looking for a highly experienced company. A company that has been on the market long enough will know the right buttons to press so that you are able to achieve your goal. Since they are not easy to find, you need to take your time and compare the options you come across so that you pick the one that will perfectly serve your purpose.
Your budget is the other thing you want to consider. Setting a reasonable budget will earn you the right company. You should totally keep off suspiciously cheap options as they could cost you a lot in the end. Therefore, before choosing a payment processing company, you want to ensure that you find out whether there are extra charges and how much you are required to pay in order for you to enjoy quality services.Find out what is an ach transaction.
The company's reputation is the other factor you want to consider. Checking reviews will help you know whether a company is reputable or not. What people have to say about the company you intend to hire matters a lot. Aside from checking reviews, you should consider asking for referrals. Speaking to previous or most recent clients will help you make the right decision.Visit here.
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Merits of an Automated Payment Processing Systems
When you make an order and receive them before you make a payment then you are said to have ordered on account. You will then get an invoice from the seller specifying the cost of the services provided or the goods delivered as well as the amount. After the invoice is received, you will have to review it then give a feedback to the seller on time. In the event that you fail to respond within the allocated time window, you may not just drive down your credit rating but also the cash flow and reputation. It might seem like acting on invoices is rather straightforward but the process can take a lot of time. If you are ordering a lot of goods or services from multiple sellers, you may have dozens of invoices to process each passing day. This is why you need an automated system for processing the payments from this site.
If you are still in the paper-based system of accounts, you will have to retrieve, process and store the invoice on your own. Even when you have employees to do that, the process can still be pushed to the end of the day if you are not careful. With an automated system of payment processing, the whole team will have more time on their hands to handle the core responsibilities in the firm. You need to see your employees working on activities that will help in putting the company on the national or even global map. Doing paperwork all day long might not help that much which is why you should minimize that.
The automated payment processing is also faster than doing it manually. You can increase the speed of attending to the invoices even by 80%. Therefore, you will not be disappointing your suppliers when they are expecting the funds to be deposited. A good relationship with your suppliers will make sure you do not lack critical services and goods needed for normal functioning in the office not to forget for the sake of the customers. However, you cannot nurture a good relationship with the suppliers if you are not paying them on time. You do not have to pull employees out of their duties in order to work on manual invoices if only you get an automated payment processing system such as this service.
Rarely will there be mistakes if you are working with an automated process. Therefore, you won't be worrying about the invoices being mixed up, underpayment or overpayment of the accounts.
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