General Questions
What is Card Processing?
Customers are purchasing more and more products and services online. This means that the use of bank cards to perform transactions is constantly increasing. By selling online, you widen your demographic and geographic reach. However, those about to set out on the digitization of their sales processes are often concerned about safety. They want to learn how to best protect themselves and their clients.
While the actual process is fairly technical, there’s something that makes things simple – Apollone. With our tailored solutions and reasonable rates, small businesses can process card transactions effortlessly.
What Is Payment Processing?
Payment processing is the step before you complete a transaction. This entails checking the card details and processing them to determine whether the payment will go through or be rejected.
Any digital payment, whether initiated through a card or e-wallet, will have to pass the processing stage before the transfer of funds can occur. If the payment method used has been verified successfully, then the cash will be taken from the buyer’s account and transferred to the merchant’s.
Payment Platform FAQs
What does card processing mean?
It involves authorizing, processing, and settling money transfers using any kind of payment card. It is key to the facilitation of swift and secure digital transactions.
Why is there a need for a card processor?
A card processor does many things, all of which are important for ensuring reliable and successful transactions. A card processor must ensure the transfer itself is secure at both ends. As an intermediary, it’s indispensable in keeping financial data safe, thus helping minimize fraud and promote financial regulatory compliance.
What are the main steps involved in card processing?
The first step is transferring the data to the banking system for verification. Then, the bank compares the information sent with what it has in its records. This ensures that there are enough funds to cover the transaction in the source account. If this goes through, then the money is transferred.
How long does credit card processing take?
The actual time will depend on certain factors, such as network traffic and the need for additional verification. Usually, the entire process, from authorizing the transfer to its approval, takes a few seconds.