Credit Card Terninals: How do they work?
Im so getting a hypercom. but how in the hell do the transactions made go towards my bank account?
I want to get a wireless terminal such as the verifone nurit 8000, but how does it do what it says it does? Does it just come with instructions, and i enter in my bank information on it directly? or something else? Im very curious and i want one badly.
This is how it works, in general:
1. You swipe the card. You get an approval code, print out the sales draft, and have the customer sign it.
2. At the end of the day, you send a batch of all of that day’s transactions to your merchant services company. The company will settle the transactions through the respective card networks.
3. Once the charges are settled, your merchant services company will deposit the amount of your sales, minus interchange fees, into your designated bank account, usually via ACH.
Of course, this is the general process, and there are a lot more regulations that have to be followed. But this is the general process.
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