Payment Processing:In the business world, fast and rapid growth is necessary to stay in the competition. In order to leave others behind, one needs to work smart. If you make your transaction more secure and quick, the chances of scams or any kind of fraud become less. Here payment gateway is providing multiple ways to the merchant for processing their transactions. It easily customizes the payment segment by setting the payment amount and adding a note so that your recipient knows completely what they’re being charged for.

Owning a payment gateway can be a valuable tool for your e-commerce business. It should be designed according to your needs. It authorizes you to offer a single, integrated solution for point of sale (POS) and payment processing, which can be provided to merchants as a substitution of the existing payment gateway.

VIRTUAL PAYMENT PROCESSING

A virtual terminal is an online application or operating system where a merchant can check his/her transactions and get a detailed inquiry of it. By using virtual terminal a merchant can accept the payment without physically using the credit card. It will permit you to receive your payment anywhere at any time without being necessarily available there. You can even process the transaction once you get the card details of your customer over the phone or mail. It is the solution which will turn your computer into a payment-processing device. Unlike physical POS counterparts; virtual terminals can easily handle recurring payments.

HOW IT WORKS

• Processes swiped retail transactions.
• Card details over the phone or email, manually.
• Enter ACH transactions, manually.
• Generates automated response
• Generates receipts
• Confirms transaction with the bank
• Captures previously authorized transactions
• Confirms transaction status

Electronic Payment Processing

Electronic payment is the process of transferring money electronically from one bank to another bank. All it needs is to install an electronic device called POS (point of sale) for performing the transaction. ATMs also come under electronic terminals that let you bank almost virtually any time. To extract cash, make deposits, or transfer funds between accounts, you generally insert an ATM card and enter your PIN. Electronic payment processing will help to get instant payments right away at the time of the transaction. But it has one flaw, it will restrict you to accept recurring payments and bulk transactions by its limited services but still, it is far better than any other payment process like depositing checks and all.

Related Blog

• How to Avoid TMF or Match Lists?
• Online Fraud Prevention And Analysis
• Payment Gateway Rivals
• Confused Between Merchant Account and Payment Gateway?
• Merchant Account Approval for CBD Businesses

E-Check Payments

E-Check is the process of transferring funds electronically, which is accepted by the recipient right away or within 3-4 working days.

The payer writes the e-check, which he submits to the recipient then this check goes to the recipient’s bank. The bank then cross-checks all the required details of the payer with the payer’s bank and when they feel all is going well then, they clear the check and transfer the credit to the recipient’s Merchant Stronghold

We Merchant Stronghold provide payment processing without any hassle. We trust you will choose the right merchant service provider for your business. Merchant Stronghold has expertise in getting high RiskMerchant Accounts. If you want to know more, get in touch with Merchant Stronghold. You can contact us at +1 (727) 330-3944 and talk to our experts at any time of the day.