A Quick Guide In Payment Processing Services And Terms
Most successful companies use one or more third-party payment processing services to process their credit card orders online, as this does not require a live merchant account or the need to set up an expensive SSL certificate. You can also know more about payment processing by visiting https://jnamerchant.com/.
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Third-party payment processing services process credit card payments and send monthly checks (usually) or wire transfers to sellers, minus various processing fees that vary from service to service.
These third-party payment processing solutions provide sellers with a link to a secure website where they can direct customers to complete orders.
Below are the basic terms and concepts that standard payment processing services use to assist sellers in a better way to compare when choosing a payment processing service.
The time interval during which the order is accepted for payment. Can be monthly, bi-monthly, weekly, etc. At the end of each payment cycle, payment must be sent to the seller.
Payment holding time
Unfortunately, each payment processing service intentionally holds payments for periods varying from a few days to several months.
Instead of sending payments as soon as the payment cycle ends, they hold payments for a set amount of time to delay payment. They say this to protect them from fraud, return payments, and help them increase profits.