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Businesses become successful by offering quality products or services. Consumers must be able to acquire these items conveniently for a business to grow and expand. Technology has advanced the way companies do business. Even the smallest companies are finding that they must accept online payment in order to better meet the needs of their customers. Businesses sometimes write off this choice for customers because they believe it requires a website and high technical knowledge. Actually, many providers complete and support the entire setup. They have varying ways to charge the fees. A website does not even have to be present when providers offer hosting services. Any business can obtain the benefits of web transaction processing without having to invest large amounts of money or completely change the way they currently perform daily business.

Why are so many businesses turning away from older payment methods and focusing on web payment? Consumer convenience expectations have changed. Ten to twenty years ago, it was common for a customer to have a large amount of cash in their wallet or purse. Everyone paid by check or cash and it was the common way of handling business transactions. Times have advanced and most people now carry their debit card or credit cards everywhere they go. Since most businesses now accept this payment method, it is highly inconvenient and even unsafe to have that amount of money around for the picking. Instead they buy things they need and even impulse items with their cards. It is convenient, safe, and preferred. Consumers like the additional convenience of being able to pay their bills online and shop from the comfort of their home. Providers of these services help businesses provide a new level of customer service and in turn increase the amount of money made each day.

How Do Credit Card Services Work?

Credit card services allow businesses to process card payments either at a location or online. Physical locations use a Point of Sale (POS) terminal to process the cards. The provider authorizes the transaction through a phone or internet connection. It is settled and then deposited into a merchant or business account. Fees may be charged each time a card is run or as a set amount after settlement. Advanced technology has even allowed the standard processing terminals to be replaced by keyboard card readers and other computer related methods. These setups do not require a phone line connection but instead verify the cards through an Internet connection. Online processing can be as simple as a single web page that is provider hosted. A form appears asking for payment information. The information is verified and then processed in that amount on the card. Once it has cleared and settled, the money is credited to the business account. The web page is secure and credit details are encrypted. Processing can be performed on the business website as well. Providers help set up secure data processing where merchandise or services can be paid for online. Credit transactions open up new possibilities for consumer sales and allow any business to expand to a broader market base.

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