HOW WIRELESS CREDIT CARD PROCESSING WORKS:
- The merchant will slide the customer's card through the wireless credit
card terminal and enter the amount. Using a technology similar to a cell phone
the terminal will connect to a radio tower and send the credit card information
and amount of the purchase.
- The transaction information will then be routed 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 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 which
will then print a receipt for the customer to sign if the card is approved.
It will take approximately 8-12 seconds to complete steps 1-5.
- 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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