Articles
Efficiency Gains Through Integrated Payment Processing
June 16, 2010
Click Here To Download:•Guest Opinion: Efficiency Gains Through Integrated Payment Processing
By Chester Ritchie, CAM Commerce Solutions
Historically, merchants serving various markets such as retail stores, medical offices, veterinary clinics, auto repair shops, etc., accepted electronic payments via a dedicated terminal device. These devices consisted of a mag-stripe reader, keypad, LED display, and modem. Credit card terminals transmit the credit card number and purchase amount to large banking computers which verify available credit limits and return either an approval or decline message to the credit card terminal. If a transaction is approved, the "Open To Buy" amount on the credit card is decreased, the merchant bank account is credited with the purchase amount, and the card holder is billed for the purchase.
Click Here To Download:•Guest Opinion: Efficiency Gains Through Integrated Payment Processing
