More than 3 billion people worldwide own and use credit cards with at least 3 cards in their name. Undoubtedly, credit cards are an essential element in everyone's daily life, whether buying clothes or paying bills. If you want your business to cover more space and attract more clients or clients, then you should consider credit card processing. You can also find easy payment processing for subscription-based companies through cashicash.
What is credit card processing?
Technically, credit card processing is a financial transaction that involves electronic access to a customer's account. There are four big names in the credit card space today, and processing any of them can help your business grow. The first is Visa, which had 261 million users last year. MasterCard is 176 million. In third place is American Express, which is used by more than 50 million customers in the US alone.
What are the advantages?
Cash payments are great, but accepting credit card payments also has many advantages. On the one hand, it makes your company credible in the eyes of customers. When you receive a card, customers think your business is safe and reliable. Trust is an important aspect of business, and if your customers trust you, they will likely buy into your store.
Credit cards are processed in two steps: authorization and billing. Permission consists of obtaining approval from the bank for pending transactions. In this step, the buyer provides relevant card information such as account number, expiration date, and card security code to complete this phase.
In terms of the settlement, on the other hand, it is about transaction processing. During this process, funds are transferred from the bank to your company account if the transaction is allowed. Otherwise, the customer must use a different card or choose a different payment method.