Usage Of Credit Cards In Business-To?Business Transactions
According to smallbusiness.yahoo.com,when Western Union first gave charge cards to their best customers in 1914, no one would have guessed that over $2 trillion would be charged in 2003. As ubiquitous as credit cards are, their use is still growing. The exploding world of online commerce is playing a part, as is the increasing usage of credit cards in business-to-business transactions. While some businesses could not open their doors without a credit card processing service, it is more of a question for others.
Types of credit card processing:
1) Bank: Banks can be the easiest source to turn to for credit card services; many offer service packages for businesses that include merchant services.
2) Third Party Processor: Third party processors dedicate themselves to handling credit card processing. As such, they take care of different aspects of the transaction process such as authorization, billing, reporting, and settlement.
3) Independent Sales Organization: An independent sales organization (ISO) is essentially a registered credit card merchant broker who represents one or more third party processors.
4) Financial Service Provider: MasterCard and Visa requires establishing a merchant account through an intermediary.
5) Association: Small business and trade associations often offer credit card processing at discount prices
Here are few benefits of credit card processing
1. Accepting credit card payments makes a business look more professional and established.
2. The business owner don't have to worry about bounced or bad checks or wait several days for a payment to clear when use online credit card processing.
3. The customer's purchase is guaranteed and protected by the credit card company.
4. Customers receive instant satisfaction because they can order products and receive confirmation, and sometimes download their product or service within minutes of placing their order.
5. Provide your customers with a secure and easy to use online method of payment.
6. Businesses that accept credit card payments will improve their sales and profits exponentially.
7. Credit card processing ensures optimal customer services and convenience.
About the Author: For more information on credit card processing,please visit http://www.paynetsystems.com