How does the Online Credit Card/Debit Card Processing Services Work?

Online Credit Card/Debit Card Processing

Online credit/debit card payment is a convenient way of doing transaction.

The process works in few simple steps.

Collection of Payment

Details

The first involve collection of payment details.

A customer after picking the articles he/she wants to buy proceeds to the check out page.

Here the person enters his/her card details.

Authentication

Online merchant account services sends the card details to the card holder’s bank.

The bank verifies all the input details.

If everything is okay, the process provides to the next stage

Authorisation

When the bank has verified the identity of the card holder, it checks if there is sufficient amount of money in the card holder’s account

The financial institution also verifies if the card had been reported lost

Completion of the Process

After the final stage of the payment, money is transferred from the card holder’s account to the merchant account of the seller.

Money from merchant account is transferred to the personal account of the business after a certain number of days

You must also use credit card processing system for your business in Montreal (people of Canada prefers to pay in virtual money).