Credit Card Processing -

Credit Card Processing the Easy, Affordable Beyond Transaction Way

Many of your customers want to purchase goods or services using a credit card. Beyond Transaction makes it fast, easy, secure and affordable for you to accept and process credit card transactions and other forms of electronic payment. We process and authorize virtually all major credit cards, as well as debit cards, electronic benefit transfers (EBTs), electronic checks and e-commerce, all through a secure payment gateway. Beyond Transaction processes virtually everything except cash.

This is all part of electronic commerce, which is the driving force of business today. You may be interested to know that e-commerce is not the same as online ordering. e-commerce is a broader term that includes transactions in the retail environment and online ordering. Beyond Transaction does it all, offering an e-commerce solution for any business model you have, whether in-store or over the Internet.

How Credit Card Processing Works

When your customer uses a card to make a purchase, it needs to be processed, authorized and accepted. That’s our job at Beyond Transaction and we do it electronically through a physical machine/platform that is present in the retail environment or through a virtual terminal online or by mail or telephone order. When the process occurs and the purchaser is not present, it’s called MOTO (Mail Or Telephone Order). Today, the term MOTO includes online purchases.

When a transaction is made, it’s processed and approved through our servers at lightning speed and is deposited directly and immediately into your bank account. There are four major elements involved in the processing of credit cards.

Issuing bank—A credit card has to be issued by a financial institution, which is known as the issuing bank. This bank offers branded payment cards to consumers and businesses. The issuing bank, along with the acquiring bank or company, assume liability for the purchaser’s ability to pay off debts they incur when they use their card.
An acquiring bank or company (like Beyond Transaction): This is the financial company or institution that accepts credit and or debit card payments for products or services on behalf of a merchant. The term “acquirer” means that our company accepts or acquires the transactions made using a credit card issued by all banks that belong to a particular card association. You know the major (credit) card associations. They include Visa, MasterCard, American Express, Diners Club and JCB. Beyond Transaction is an acquiring company because we actually acquire merchants and enable them to process credit cards
Credit Card Associations –When issuing banks and acquiring banks network and agree to process payment cards of a particular brand, like MasterCard®, it’s called a Credit Card Association. Sometimes banks and credit card associations co-brand. Examples of that probably appear in your wallet and include, Chase Visa®, or Citi-MasterCard®.
Backing bank—This is the bank that funds the credit card transactions.