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Choosing the right payment processing service
![*]() One must choose a payment processing service,
only after evaluating ones needs. For that, let us first understand
the two types of payment processing services that are offered.
One can choose between manual payment processing and real
time payment processing.
The process where the credit card number is submitted through
the phone is processing manually. This is done either by contacting
the payment processing company to verify the validity of the
card or by keying the card manually at the sales terminal.
Manual processing can be time consuming but is relatively
risk free due to complete control of the merchant during the
entire process. The payment processing time taken will be
more then what real time payment processing will take.
Real time processing is basically an automated process, where
the credit card is automatically processed once the customer
submits the number. As soon as the credit card is authorized
the funds are transferred from the customers account to the
retailers account.
Real time payment processing is quick and is ideal for businesses
where a large number of transactions take place.
The volume of transactions is the most crucial part. Study
the present state of the business and also the kind of transactions
that you expect in future. Make this your basis in choosing
the right kind of payment processing service.
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