Understanding Credit Card Processing Terms
When asked the question, why should your customer remain loyal to you, would you be able to give an answer right away, with conviction? Or would you cringe and wish the ground would swallow you up? While you can brag about the quality of your products or services, with the tough competition today, this may not suffice to win the loyalty or your customers. And with the myriad of options available for consumers, there is a need for you to go the extra mile to find more ways to give your customers something extra. Offering more payment options for instance may not be something your business can't do without.
But if your goal is to attract new customers and make your current customers stay with you, then having a credit card processing in your establishment can be that little extra you need to attain your goal. This, of course, is easier said than done. And that before you can proceed, you might need to pause to learn some credit card related terms.
One of the most often used words you will likely come across with is the merchant account. This is defined as the type of account a vendor has to acquire to become capable of processing credit card payments. Such is obtainable from banks, credit card companies and independent sales organizations. One more term, credit card terminal, pertains to the machine used to facilitate a transaction by having the card swiped onto it so the credit card information is accessed.
With the advancement in technology, there are terminals that can now be used for mobile credit card processing. CCV2 is short for Card Verification Value which refers to the three-digit number appearing at the back of the card and is important in verification for card-not-present transactions. Associated to this is the MOTO or Mail Order/Telephone Order, a type card-not-present card processing service which includes transactions via phone and the Internet.
SSL is another terminology that is commonplace in the plastic money industry. This acronym is short for secure socket layer, the method of encryption used to secure credit card information. You might also meet the term payment gateway, which is defined as an e-commerce service provider service that facilitates electronic transactions.
It makes possible the transfer of credit card information from the portal to the end processor. If in case you come across a thermal printer as you survey the list of credit card equipment, then be aware this is literally a thermal printing machine. This printer is useful when accepting credit card payments as it can spare a business from costly customer charge-backs.
But if your goal is to attract new customers and make your current customers stay with you, then having a credit card processing in your establishment can be that little extra you need to attain your goal. This, of course, is easier said than done. And that before you can proceed, you might need to pause to learn some credit card related terms.
One of the most often used words you will likely come across with is the merchant account. This is defined as the type of account a vendor has to acquire to become capable of processing credit card payments. Such is obtainable from banks, credit card companies and independent sales organizations. One more term, credit card terminal, pertains to the machine used to facilitate a transaction by having the card swiped onto it so the credit card information is accessed.
With the advancement in technology, there are terminals that can now be used for mobile credit card processing. CCV2 is short for Card Verification Value which refers to the three-digit number appearing at the back of the card and is important in verification for card-not-present transactions. Associated to this is the MOTO or Mail Order/Telephone Order, a type card-not-present card processing service which includes transactions via phone and the Internet.
SSL is another terminology that is commonplace in the plastic money industry. This acronym is short for secure socket layer, the method of encryption used to secure credit card information. You might also meet the term payment gateway, which is defined as an e-commerce service provider service that facilitates electronic transactions.
It makes possible the transfer of credit card information from the portal to the end processor. If in case you come across a thermal printer as you survey the list of credit card equipment, then be aware this is literally a thermal printing machine. This printer is useful when accepting credit card payments as it can spare a business from costly customer charge-backs.
About the Author:
The author is a store supervisor. He currently manages the operation of 2 retail shops in their community. His hobby is writing. He writes during his free time. His present topic is about mobile credit card processing. Visit http://www.creditconsolidationonline.com to read more about his write ups.
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