Online payment processing offers and quick, convenient and a hassle free way for users to pay for your good and services using their credit/debit cards. It also gives your e-commerce business a surefire way to reach a wider audience.
Payment processing basically depends on the number of transactions your business performs and your business needs. It is generally of two types, manual and real-time. Offering real-time processing requires a payment gateway that can authorize the credit card number in real-time as compared to the manual processing which takes longer and cannot be done anywhere and anytime like real-time processing.
Certainly manual processing is good when it comes to low volume merchant accounts and businesses. The order can simply be received via phone, fax and email (to be processed manually later), by a payment processing company to verify a card number or generally by using a swipe card point of sale terminal. The major disadvantage is the time consumed during this process.
Why is Real-time Processing Preferable?
Real-time processing is preferable over the manual due to its speed and agility. The credit card is automatically processed as soon as the order is submitted and an immediate notification is then received by the customer regarding the acceptance of order and fund transfer. Real-time processing is the best for high volume sales and the servers used are generally encrypted and secure.
Real-time processing offers a secure way for merchants to process their payments online. With real-time processing, you become capable of processing transactions anywhere and anytime. Real-time processing is the best option that you can get with a merchant account. This allows you to offer your customers worldwide payment processing services that allow you to accept various credit/debit cards online.
With real-time payment processing you not only get to save time but it also eliminates any manual processing needs, reducing the risk of potential fraud and offers greater protection. With a merchant account, you get a more flexible real-time payment processing options that you normally don’t get with a third party merchant account or an outsource.
That is why businesses worldwide prefer real-time processing and so should you!