HOW MAIL/PHONE-ORDER CREDIT CARD PROCESSING WORKS:
- The customer will call in an order to the merchant and give them their credit
card information. The merchant will then enter it into a credit card terminal
or PC software.
- The terminal or PC will then dial a toll free number and connect to Cheapcardswipers.com's
processor for authorization. In some cases the PC software may be able to
use the merchant's internet connection to connect. Once the terminal or PC
has connected it will send the credit card information and amount of the purchase.
- Cheapcardswipers.com's processor will then pass that information onto the
bank that issued the credit card. The issuing bank will then 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 credit card terminal or
PC software which will give the merchant the approval number and will allow
them to print a receipt for their records. It will take approximately 3-15
seconds to complete steps 2-5.
- At the end of the day the merchant may manually "settle" their terminal
which will begin the final process of the transaction. In most cases Cheapcardswipers.com
can automatically settle the transactions at a specified time each day. 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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