To the average consumer, payment processing seems simple—the swipe of a card is all it takes. But as a business owner, you know that credit card processing is anything but simple. Without a good system in place, it can be stressful, confusing, and costly. NestPay wants to help you set up your business with simple, reliable payment processing so you can focus on running your business.
A series of transactions and operations occur every single time a credit card is swiped, taped, or inserted. Whether you are accepting payments in person, online, over the phone, or via mail, there are a few key players to be aware of:
Customer
The cardholder making the purchase
Merchant
The business or individual selling the product or service
Point-of-sale
The physical or online technology that connects the merchant to a payment processor. This captures payment details and tells the merchant if payment has been approved or declined
Payment Processor
The entity that communicates between the merchant, the credit card network, and the customer’s bank
Card Network
The brand of the customer’s credit card, responsible for setting interchange and assessment fees
Issuing and Acquiring Banks
The cardholder’s and merchant’s bank, respectively. The issuing bank releases funds to the acquiring bank, finalizing the transaction
Every time a card is used to purchase a product, this chain of communication and transaction begins. A good POS system simplifies transactions to make payment processing more straightforward and efficient on the front end so you can process payments faster and more accurately.
NestPay can help you find the payment processing system that matches your business needs based on your industry, size, cash flow, payroll, expenses, and other outflows. We can work with you to find a payment processing solution that fits your business.
