Sometimes, getting into someone else’s shoes provides a clearer perspective. This especially applies in business, where looking at things through the customers’ eyes can be vastly different from the business’s point of view. Credit card transactions are a good demonstration of this principle. Consumer’s simply swipe or type and don’t necessarily give much thought to the other side.
But when you’re wearing your ‘business hat’, every transaction has its own unique aspects. That said, the basic principles are the same. When the customer makes their payment, your payment processor verifies the transaction instantly, and subsequently transfers the money to your account. Let’s look at the various ways cash can leave your customer’s bank account and end up in yours.
Electronic keypad payments
This is the most familiar option, as seen in grocery stores and retail outlets. The customer lines up at the cash register, where a cashier will tally their purchases. The customer then swipes their card through a keypad terminal, facilitating instant payment.
Smartphone apps come in various versions. They may also include a removable dongle device with a credit card slot that attaches to a phone through the headphone jack or data port. Your customers can slip their cards into the slot and make a payment, just like they do on portable keypads. You can then issue them a digital receipt.
For customers that are buying online, they load their items into their virtual shopping cart. Then, they can click ‘proceed to check-out’ where they can type their credit card details onto your payment portal.
For more information on different types of credit card transactions, or to sign up for a merchant account, please call (888) 924-2743 or visit Charge.com.