06 Dec 09 Choosing the right credit card payment processing service

According to charge-it-now.com, one must choose a payment processing service, only after evaluating ones needs. For that, we have two types' payment services for credit card processing. Those are manual payment processing and real time payment processing. The process where the credit card number is submitted through the phone is processing manually. This is done either by contacting the payment processing company to verify the validity of the card or by keying the card manually at the sales terminal. The expenses stated will vary between different Merchant Accounts provider. Number of companies has entered the Merchant Services market as a one stop e-commerce solution. The companies offer you the chance to accept credit cards and sell your goods/service world wide in a matter of days. Although this claim is possible, it is highly improbable. You will need to apply to your bank for an Internet Merchant account (even if you have a current Merchant account for mail order). If you do obtain the authorization to trade on the Internet you may find the cost prohibitive to your profit margins. The company offering the one stop solution may charge you 2-4% of each deal, with a set up fee of some amount. The Merchant Services will also charge 2-3% per deal, again with a set up fee if you do not bank with their bank.

Manual processing can be time consuming but is relatively risk free due to complete control of the merchant during the entire process. The payment processing time taken will be more then what real time payment processing will take. Real time processing is basically an automated process, where the credit card is automatically processed once the customer submits the number. As soon as the credit card is authorized the funds are transferred from the customers account to the retailers account. Real time payment processing is quick and is ideal for businesses where a large number of transactions take place

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