Technology Boon – Credit Card Payments

Today’s market environment is highly competitive making it absolutely necessary to keep up the pace with the fast developing market trends. Technology has done wonders for the human race one such technological boon is the development of credit cards. The latest trend in the market regarding the payment mode is plastic money. The customers prefer to make payments for the products and services through credit and debit cards. This customer preference has made it compulsory for the merchant to accept credit for the payments from the customer and provide customer complete satisfaction.

The merchant must open a merchant account to accept credit card payments; if the merchant is operating online then the online merchant account is needed to process it. Merchant accounts act like a bridge between the customer using the card and the funds actually getting transferred to the merchant’s account. There are several credit card processing service provider companies in the market which not only provide the merchant services but also assist the customer in opening merchant account. The service provider which provides the cheap and safe processing with complete customer assistance is preferred over the others. It involves the entire process starting from the card used for the payment to the payment getting transferred from the customer to the merchant’s account.

Credit card processing services are available for retailers; small or big, restaurants, supermarkets, petroleum industry, e-commerce, MOTO business, ‘on the run’ business.

Credit card machine reads the card or is manually fed with the details which are then processed and the transaction is made. There are various types of credit card machines in the market which are broadly classified into 2 types:

POS terminals- These can be face-to-face POS terminals or Virtual POS terminals. The previous ones are used for the over the counter credit card processing and are available either with a printer or without a pr