4 Steps on How to Process Credit Card Transactions Using an iPhone
Posted by admin under iPhones on Sunday Apr 4, 2010Credit card processing is fast and easy when you have an iphone merchant account. Here’s how you do it: purchase and install an iPhone application that can accept credit card payments, obtain a payment gateway and merchant account, open the application and input needed information, and hit on the “charge” button.
Technology indeed has a huge contribution in the way credit cards are carried out. Now, any business owner who frequently travels can now accept credit card payments easily and quickly anytime anywhere and can safely transfer funds directly to their checking account with the use of an iPhone. The iPhone is like any regular smart phones but what’s unique about it is that it has a certain application in which you can accept credit card payments. The following steps will guide you on how it works:
Step 1: Purchase and install an iPhone mobile application that can accept credit card payments
First thing you have to do is search for an iPhone application or mobile terminal that can process credit card payments. Choose one that not only can process credit cards but is also capable in emailing receipts, refunds or voids, search transactions, view reports or batch settlements, view monthly or annual transactions, and with very good fraud prevention tools. This service is not often given for free by providers, so you better choose wisely one with the most and best features for your business. The applications are also very easy to install and most providers will give you instructions.
Step 2: Obtain a payment gateway and merchant account
You will need a payment gateway and merchant account before you start using your iPhone application. The both of them go hand-in-hand when it comes to mobile credit card processing. The payment gateway validates cards authenticity and authorizes it before any transactions are pushed through. The merchant account on the other hand, receives the transaction and will be responsible in transferring funds from the customer’s account to your bank. Choose a payment gateway and merchant account that uses wireless technology or web-based such as 3G or Wi-Fi.
There are also iPhone applications in which the payment gateways are already included. In this way you can save money from paying the payment gateway separately. It is best that you search for a trusted provider that can provide you with such services.
Step 3: Open the application and input needed information
Now that you already got a payment gateway and merchant account, you are now ready to start any credit card transactions as long as you can access the Internet on your phone. Better yet, also obtain a data plan if you frequently use this service. First thing to do is open the application, then go to a tab in which you will be forwarded to a screen where you will have to put the customer’s credit card number, expiration date and the amount of the transaction. For verification purposes, get the security code at the back of the card and the buyer’s ZIP code.
Step 4: Hit on the “charge” button
After you typed in all the needed information, you will find a “charge” button at the bottom of the screen. Once you hit it, credit card processing will automatically begin. The data will then be sent to your payment gateway and then to your bank. By the end of the day, or depending on how fast your merchant account turnover time will be, funds will then be delivered safely to your account.
Having an iPhone to process credit card transactions is truly a great innovation and a “must” to business owners who are always on the go. The phone as well as the payment gateway and merchant account would be a great and wise investment to any business.
