Most companies or merchants are dependent on credit card processors to manage all the details related to credit card transactions. Credit card processing is an essential service – it makes sure that consumers can quickly checkout after making their purchases. As a result, it makes the payment process smooth, and regular payments enable companies to get paid fast. That means, for recurring payments, you need to choose your credit card processing firm wisely.
How Credit Card Processing Works
First of all, clients present their credit card details for payments. Once they do it successfully, they go to stores and pay at checkpoints using their magnetic stripe cards, tap contactless cards, and dip EMV chip cards. They can also pay through digital wallets such as Apple Pay mobile payments using their smartphones. Customers present their credit card information through apps and websites via payment gateways. Whereas for phone orders, a virtual payment terminal gives secure credit card processing with a computer.
The payment details are then sent to the payment processor, who interacts with the client’s bank via the relevant card networks, like Mastercard or Visa. The bank of the customer approves or rejects the payment. The approval of transactions entirely relies on detailed verification, such as sufficient available funds, card number validity, and other related factors.
This approval from the customer’s bank is sent back to the payment processor and then finally back to the credit card reader or payment terminal. At last, all approved transactions at the store are batched for proper settlement. The specific amount is deducted from the customers’ accounts and then credited to a particular merchant bank account.
Credit Card Processing with QuickBooks
Allowing your customers to pay using credit cards has become a critical aspect for businesses planning to grow. With the evolving technologies and techniques, processing credit cards, tracking business payments, and keeping records of your payments has never been this easier. When it comes to smooth credit card processing, look no further than QuickBooks. It’s well-known accounting software that delivers your customers a fast and flexible method to pay their bills with their credit or debit cards. QuickBooks credit card processing is specifically made for those who need an accounting solution for their companies. Here are some benefits of investing in QuickBooks for businesses:
Integrate with a Business or Merchant Account
Once you’re approved for a merchant account through QuickBooks, you can start processing your credit card payments with ease. These merchant accounts enable credit card processing and offer online payment gateways for automatic recurring transactions.
The bank of a client takes only a few seconds to notify the network if credit card payments are successful or not. The card network, including Mastercard, Visa, and Discover, then sends a notification about the same to the credit card processor.
QuickBooks users can look for credit card payments in their merchant accounts on the next business day. Payments are made before 3 pm, and you can check them into your account after that.
Overall, merchants can process and authorize all their major credit and debit card transactions directly into QuickBooks. QB enables you to process credit cards quickly and automatically record all payments on the server. Now, you can check the status of all your deposits or transactions, all in one place. There’s no doubt that incorporating in QuickBooks is an ideal way to grow your business.
Use Credit Card Processing and QuickBooks with Chargezoom
The integration of Chargezoom with QuickBooks can automate all your receivables across varying, diverse online systems. Manual batch importing or exporting is not just irritating, but it’s time-consuming, mainly when most companies rely on different online sales sources. Chargezoom has made the process a little easy for businesses. Now, merchants can optimize all their payments, invoices, and clients in real-time across multiple SaaS applications.
With QuickBooks and Chargezoom, companies can easily automate credit card processing and account receivable processes, leading to increased cash-flow and reduced frictions on payments. You can start automating your business accounting and get rid of CSV files in less than 5 minutes with this setup.
Chargezoom can streamline payment management and maximize the capabilities of QuickBooks. Integrating QuickBooks to Chargezoom is easy and straightforward. The integration allows merchants to process and accept credit card payments from consumers any time, anywhere. Chargezoom also enables merchants to email clients invoices with secure payment links instead of gathering raw unencrypted credit card numbers by phone or email.
So if you’re looking for smooth and hassle-free credit card processing solutions, QuickBooks and Chargezoom are here to help. If you need any help with integration, feel free to talk to their professional team now.