Learn A to Z About Credit Card Processing!

ByCompare Card Processing Ltd

Creditcard machines in the UKare starting to become more popular among merchants, thanks to thevarious advantages they offer. They’re the perfect way to increasesales, speed up transactions, and keep funds safe.

Wantto learn more about creditcard machines in the UK?Check out this quick and easy guide to credit card processing:

Typesofcreditcard machines in the UK

  1. Countertopmachines

Countertopcard payment terminals are static — they can only be placed in oneaccessible location, like the reception desk. These devices aremostly used in retail establishments, department stores, andsupermarkets because of their affordability and convenience. 

  1. Portablemachines

Portablecredit card machines are popular among restaurants and cafes. They’rethe best solution to accepting safe payments while providinghigh-quality customer service. A portable device can be taken awayfrom its base unit up to a short distance, allowing staff to goaround the premises.

  1. Mobilemachines

Likeportable terminals, mobile card machines can be brought aroundfreely. The difference is that the latter can be taken almostanywhere, as long as a mobile network connection is available. Thesedevices are most suitable for travelling merchants and freelancers.

Keyplayers in credit card processing

Creditcard processing takes several steps, with the funds going throughnumerous key players before reaching the merchant—namely, thecardholders and their issuers, the acquiring bank, the paymentgateway, and the credit card network. 

Dependingon the merchant, a merchant service provider (MSP) may also beinvolved.

Creditcard processing steps:

Thecredit card payment process involves a series of steps. Here’s anoverview of its steps:

  1. Thecardholder makes a payment to the merchant

  2. Thepayment gateway sends the credit card information to the acquiringbank

  3. Theacquiring bank sends the information through the credit cardnetwork, then the issuing bank request for authorisation

  4. Thepayment is authorised or declined by the issuing bank

  5. Onceauthorised, the payment gateway sends a receipt to the cardholder

Theentire process doesn’t end there, at least not for the merchant. Ittakes about one to three days for the business to receive the paymentthrough their acquiring bank. To learn more about the differentcreditcard machines in the UK,use an online comparison tool for the most accurate information. 

About the Author:

CompareCard Processing Ltd offers a platform to compare cardreaders available in the UK and finding the cheapest card machine foryour business, credit card terminal providers in the UK.