Getting to Know the Basics of Credit Card Processing for Merchants

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Getting to Know the Basics of Credit Card
Processing for Merchants
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Whether transacting e-commerce over the internet
or serving customers face-to-face at
brick-and-mortar stores, merchants today rely on
credit card and debit card transactions to
facilitate most of the business they do. There
are costs associated with being able to accept
payment cards, however, and those costs seem
onerous to many small business owners.
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The payment card industry consists of more
entities than just the card associations (such as
Visa and MasterCard) and the banks that issue the
cards. Unless theyve dealt with card payments
firsthand, many people have no idea just how many
middlemen are involved in the transaction chain.
The players include
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Card associations
These are the names that are familiar to
merchants and customers alike Visa, MasterCard,
American Express and Discover. Each association
establishes the rules for its brand and markets
its products to both consumers and businesses.
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Card-issuing banks
These financial institutions are the ones that
actually approve and issue Visa and MasterCard
credit and debit cards to consumers. (Discover
and American Express are card issuers in addition
to being card associations.
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Merchant account providers
This term applies to the companies that merchants
contract with to handle their card processing. A
merchant account provider can be a
processor/acquirer or it may be a financial
institution. Other merchant account providers are
independent sales organizations (ISOs) that
partner with processors/acquirers.
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