A retail merchant account is provided for our clients who see their customers in a face to face environment. CardChoice International offers mobile and wireless devises that allow traditional service merchants the ability to capture the lower retail merchant account rates.
Here is How the Process Works
- The merchant will slide the customer’s card through the credit card terminal and enter the amount. The terminal will then dial a toll free number and connect to our processor for authorization. Once the terminal has connected it will send the credit card information and amount of the purchase.
- The processor will pass that information onto the bank that issued the credit card. The issuing bank will then check to see if the card is valid and if the amount requested is available on the card. The amount of the purchase is then set aside for the merchant.
- The issuing bank will send back an approval number or a decline message back to our processor.
- That information will then be passed back to the credit card terminal which will print a receipt for the customer to sign if the card is approved. It will take approximately 6-12 seconds to complete steps 1-4.
- At the end of the day the merchant may manually “settle” their terminal which will begin the final process of the transaction. CardChoice International offers at no additional cost, the ability to automatically settle the transactions at a specified time each day.
- Once the settlement process is initiated the funds will be transferred from the card issuing bank and electronically deposited into the merchant’s checking account. It typically takes 2 business days from the time of the original transaction for the funds to reach the merchant’s checking account. CardChoice International offers next day funding as well.