WHAT THE HECK IS CREDIT CARD PROCESSING?
ou’ve built your website, or opened your shop andare now ready to accept payments. What next?
Nowcomes the seemingly daunting task o choosinga credit card processor
(also called a merchant accountprovider). Don’t worry though,
FeeFighters has you covered.With this ebook as your weapon, you will have all the knowledge needed
to geta great deal on credit card processing or your business. Read on to become atrue credit card processing ninja.When you sign up with a credit card processor, they open a merchant accountor your business. A merchant account is a passthrough account, so you willnot actually maintain deposits with the credit card processor. The money romeach transaction is transerred rom the customers’ account to your merchantaccount at the end o the day and deposited in your regular bank accounteither today or the ollowing day (chart on page 3).
WHAT DOES A CREDIT CARD PROCESSORACTUALLY DO?
here are more than 800 processors registered with Visa and Mastercard.Yikes! What do these guys actually do? For the most part,
processors areresponsible or collecting the customers’ money and passing it along toyou
, the business owner. Since the actual ow o money is highly automated,however, the majority o their work comes rom fnding, signing up, underwritingand providing customer service to
new businesses like yours.
How to Be a Credit Card Processing Ninja