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Credit card merchant service software implements different payment processing methods which include Credit card payment API. It ensures safe and convenient credit card payment by using different secured methods such as PC cryptosystem, ISecureDAQ, AHK Secureorate, Trusted Factor, OTC blockchain and so on. The cardholder provides the information needed such as credit card number, name, address, and other personal data. The back-end processing system verifies the information provided and process the credit card payment request for receiving payment from the client. This is done by the back-end application, which in turn calls the acquirer of credit card payment request at the retailer, and passes the information required such as credit card number, name, address, and other personal data. After the verification is performed, the back end application will process the payment request from the client, and finally, the requested processed payment will be delivered to the retailer.
Credit card payment and makes it possible to process the credit card request directly from the client to the retailer by using the internet. In the past, merchant used to process the request by using phone or branch offices. This was not only time consuming, but also inconvenient since there are delays in the call chain caused by poor connectivity and other issues. The present credit card payment processing method avoids these problems and makes the process more convenient by allowing the merchants to perform the credit card payment request directly from a client's website. This eliminates the need for having to hire extra personnel to perform the back-office work.
Aside from the convenience of the credit card payment processing method, another benefit of implementing credit card payment processing is the protection from fraud and other related risks. When a customer uses a credit card, some merchants may require the customer to give them a copy of ID or at least one of the seven vital credit card digits. If the customer does not have the digits, the transaction cannot be completed. A merchant background access card payment system allows the back office to see if the customer has provided the right information for inclusion in the transaction and can immediately deny or complete the transaction.
There is also an option for the customer to sign the back-office application and provide non-striking proof. This proves that the customer has the right to authorize the use of his credit card. Since the application forms require the most important information, most customers are wary about giving out their personal details. By using the merchant background access system, the back office can perform a check to make sure that the customer has indeed authorized use of the card. This way, both sides can benefit from the transaction.
As a result of credit card payment processing and the protection it offers the customer, both sides will benefit. The merchant will profit because the system allows for faster transactions, lower chargebacks, higher returns on investment and customer loyalty. The back office can benefit by assuring the payment processing is error-free and allowing only the authorized users to complete transactions. The back office doesn't need to verify the credit card information itself. All it needs to do is check to make sure that the user paying for the goods has the right information. In fact, the back office can perform a check that verifies whether the user paying for the goods has a banking account as well.
The credit card payment system is beneficial to both parties because it increases business revenues. The back office, which is not involved in the actual payment process, is not required to pay a fee for the service. Since the back office doesn't have to pay for this service, it frees up resources for the merchant. With faster transactions, a higher volume of sales can be achieved. Also, since the system verifies the cardholder's authorization before the transaction happens, there is less risk of chargebacks due to user ignorance of the payment process.
Since the credit card payment transaction goes through the merchant cash register system, a copy of all transactions that occur is stored in the system. This copy is also called the batch record. If a transaction should be re-transmitted, then the entire batch must be re-fetched from the system, thus resulting in much smoother processing of orders.
A back-end system is called a payment system. Payment systems are designed so that the processing of orders is done based upon the rules defined by the user. Payment systems use rules or algorithms to generate requests from user paying for goods and services. Rules specify how a user will pay for a good. The system then uses internal information to determine an appropriate rate to charge for the requested service.