Merchant Accounts

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Electronic Transfer

Written by Patricia Tunstall
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Electronic Transfer of Funds

Electronic transfer of funds from customer check and credit card payments is the fastest means of obtaining remuneration for merchants. Speedy, secure, and reliable, electronic processing equipment not only authorizes check and credit card payments, but places the funds into a merchant's checking account. The paperwork reduction alone means a monumental savings of time and money.

Merchant accounts--whether retail, mail order, Internet, restaurant--are based on electronic processing of all aspects of a customer/merchant transaction. Credit, debit, and smart card products are efficient performers that quickly capture payment information at the point-of-sale, and transmit it to the payment network for authorization. The final, important step is the electronic transfer of funds from the transaction to the merchant's bank account.

Fast and Secure

Merchant account providers supply high-speed equipment--terminals and printers--that process card-present (point-of-sale) and card-not-present transactions. This includes retail stores and restaurants where the customer presents a credit card for payment, and mail order and Internet businesses where the merchant never sees the credit card. The latter businesses do require a special merchant account because of the greater risks involved, but electronic transfer of funds to the merchant is not adversely affected.

In fact, electronic funding applies to online check payments and cellphone orders as well. ACH check processing is swift and dependable, with transfer of funds within 48 hours. Cellphone transactions are great for on-the-go merchants and customers, and transaction funds are handled efficiently so the merchant is assured of proper credit.


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