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![*]()
Selecting the right payment processing method
![*]() One can choose between two types of payment
receipt:
- Manual Payment Processing
- Real Time Payment Processing
Manual payment processing is the process where the credit
card number is submitted through the phone. 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.
Real time payment processing lets make the payment processing
completely automated so as there will be no need for the
operator to handle payments. It is a 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.
Manual payment processing is suitable when the number
of orders processed per day is not great. Any significant
increase in the transactions number will make manual processing
too extensive and inconvenient. Therefore 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 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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