Firearm Friendly Merchant Account & Firearm Friendly Credit Card Processing
How Transactions Work
How an electronic transaction works
Over the years, advances is technology have made it possible for merchants to process credit and debit cards without much trouble, there are no lengthy delays involved in credit card and debit card transactions any more, and most high risk Firearms Merchant Accounts actually carry out real time processing of transactions. Before I discuss in detail how a credit card transaction works and how the merchant receives the payment, there are a couple of terms that need to be discussed. For simplicity sake instead of using the terms business and shop, or store. I will use the term merchant for the rest of the article.
Firearms Merchant Account
For any merchant to accept credit cards or bank cards, a Firearms Friendly Merchant Account is necessary, all financial transactions that are held are first transferred to the Firearms Merchant Account, and depending on the preference of the merchant he can request money from the Firearms Merchant Account whenever and as frequently as he wants. Depending on various factors merchants are usually assigned a regular Firearms Merchant Account or a high risk Firearms Merchant Account. (A high risk Firearms Merchant Account is usually assigned to high risk businesses like online casinos, superstores etc.). Once a merchant has a Firearms Friendly Credit Card Processing Merchant Account, he can then offer credit card and bank card processing.
Steps in processing of a credit card transaction
Like any business transaction the first step after the sale of any product or service is entering the credit card details, this can be done in two ways, the first is by physically swiping the credit card through an POS (Point of Sale) terminal, a POS terminal as almost anyone would have seen has a slot to run the credit card's magnetic strip through, and additional number keys, to key in details like PIN numbers and other choices. Instead of a POS terminal websites require users to type their credit card details like the card number, date of expiry etc. So in essence the process of swiping the card is replaced by entering the details into a web page.
The second step in processing a credit card is sending the data to the issuing authority for verification and authorization. In a POS machine this step is carried out through a telephone line, the POS machine dials out to a server that sends the information to the bank, and the bank then sends back an authorization or reason for rejection of the transaction. In place of using a telephone line and dialling out, a web site uses a payment gateway to process the credit card information. The payment gateway replaces the POS machine and actually communicates with the issuing authority directly. In either case the transactions viability is determined in this step.
Once the transaction is authorized, the payment gateway or POS terminal prints out a receipt, the receipt is either printed out on thermal paper, or in case of an online transaction the receipt is displayed on screen. Irrespective of the kind of transaction that is carried out, the money is credited to the Firearms Merchant Account by the issuing authority.
If the merchant wants to request money, he then sends the receipts to the firearms merchant account company, or in the case of online transaction requests for an online transfer of funds. To carry out processing of the fund transfer, the merchant account levies a small interchange fees. The frequency of fund transfer is entirely up to the merchant and he can request money on an daily basis if he wishes.