Processing Mobile Credit Card Payment : The growing popularity of mobile credit card processing makes it easier for business owners to receive payments when on the go and in real time. Decrease the length of checkout lines; keep tabs on a payment processing account anywhere you go. When weighing options for mobile credit card processing services, you need a basic understanding of how credit card processing works.
Collect the credit card information:
To process a mobile payment, you need to collect the credit card information from the person making the purchase, and then transfer it to a service that will safely process it. This step usually involves swiping the card through a specific kind of device that attaches to a smartphone or tablet.
Authorize the credit card charge:
After the payment information is collected, it is transmitted electronically to the payment processor. The processing service approves the transaction by verifying that the credit card account is valid, and the funds are available for the purchase. The processor service then charges the card.
Make the deposit into your checking account:
Following the approval of the transaction, you can receive the money. The payment processing service provides a merchant account that deposits the money into your designated bank account. The money is transferred from your merchant account directly to your bank account, so you can withdraw it.
Business owners need a merchant account to process credit card transactions. Rates can vary, so choose a credit card processing service like Leap Payments that you can trust to handle your payments and processing.