How To Process Credit Cards In A Mail Order / Telephone Order Business
If your business is operated through the mail or over the telephone, then you will need mail order / telephone order business processing software for your computer. And you will also need a credit card processing service to handle your orders, and a merchant bank account in which to deposit the money from your sales.
The software is leased or purchased from your credit card processing service, or gateway. Even though its main use is mail and phone credit card processing, you can use it for online and in-person sales as well, if you choose.
What happens is easy to explain. When you receive an order for a product or service, you enter the information about the transaction and credit card by hand into your computer. Then your computer transmits the data over the internet to the computer at your gateway account.
At this point, there will be a slight pause while the customer's credit card is being validated. Then if the transaction is approved, an authorization number will be sent back to your computer. Now the sale can be recorded in a file for later use by your accounting program.
In a few days, the proceeds from the sale will be transferred from the customer's bank to your merchant bank account.
One advantage to this type of account is that you can save up a bunch of orders, and submit them together in a single batch. This saves time, since you only need to input your sales data several times a day.
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