HOW INTERNET CREDIT CARD PROCESSING WORKS:
- The online customer finds the merchant's website and adds products to their
shopping cart. When they are ready to check out they either enter their billing
information.
- If the merchant does not have a secure page, the customer can be transferred
to the merchant's secure payment gateway where they can enter the billing
information into a secure form. If the merchant does have a secure site, then
the information will be "passed" to the payment gateway without the customer
ever leaving the merchant's site.
- Once the billing information has made it to the payment gateway it is then
transmitted to Cheapcardswipers.com's processor.
- Cheapcardswipers.com's processor will then pass that information onto the
bank that issued the credit card. The issuing bank will check to see if the
card is valid and see if the amount requested is available on the card and
set aside the amount of the purchase for the merchant.
- The issuing bank will send back an approval number or a decline message
back to Cheapcardswipers.com's processor.
- That information will then be passed back to the payment gateway. It will
take approximately 3-15 seconds to complete steps 2-5.
- The payment gateway will then pass the approval code back to the
merchant's site. At this point the merchant can also choose to have
the payment gateway email the customer a payment receipt.
- At the end of the day the payment gateway will "settle" all of the day's
transactions. Once the settlement process is initiated the funds will be transferred
from the card issuing bank and Cheapcardswipers.com will electronically deposit
them into the merchant's checking account. It typically takes 2 business days
from the time of the original transaction for the funds to reach the merchant's
checking account.
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