Accepting Credit Cards
Credit cards are payment cards issued to consumers who use them as a way of making payments. Cardholders can pay for goods and services at establishments that accept credit cards based on the holder’s promise to pay in the future. To receive credit card payments online, companies engage the services of credit card processing providers that make the system work.
Accepting Credit Cards and Saying Goodbye to Paper Checks
YapStone’s goal is to offer you the convenience that comes from accepting credit cards and free you and your customers from the hassle of paper checks. We have a long history of providing customizable, scalable, and flexible payment solutions, including the ability to receive credit card payments online. By making it easy to accept credit cards, we help free up time for you to focus on things that matter, like running your business.
Credit Card Acceptance 101 *
There are a number of steps involved in receiving credit card payments online:
Step 1: User Initiates Online Payment
The user logs in to pay rent, HOA dues, vacation home rental charges, inn charges, or a church donation. The user chooses to pay by credit card from a range of online payment methods, and provides name, credit card information, and billing address. The user then submits payment.
Step 2: YapStone to Payment Processor
YapStone forwards the transaction details to its payment processor using a dedicated link that’s monitored 24/7 to ensure uninterrupted processing.
Step 3: Payment Processor to Credit Card Networks to Card Issuing Bank
The payment processor validates the payment details by sending them through the credit card networks (Visa, MasterCard, American Express, Discover). The networks then send them to the card-issuing bank for authorization.
Step 4: Credit Card Issuing Bank
The user’s card-issuing bank approves or denies the transaction based on the card’s status and whether the transaction is within the cardholder’s credit limit.
Step 5: Payment Processor to Credit Card Networks to YapStone
If the payment is approved, the card issuer charges the user and sends the funds to the card networks minus fees that cover costs such as credit risk and rewards. The card networks relay the transaction-approved status back to the payment processor that notifies YapStone and passes on the funds, less the applicable fees.
Step 6: YapStone to User
YapStone notifies the user about whether the transaction is approved or denied via the online payment interface. If the payment is denied, YapStone’s payment gateway sends this information back to the site or app, and since the card issuer did not authorize the transaction, no further action is taken.
Step 7: YapStone to Merchant
Finally, YapStone moves funds from its bank account to the merchant’s account. Funds are typically received in 1 to 2 business days. A receipt is emailed to the user, payment receipt notifications are relayed to the merchant, and detailed YapStone merchant reports are updated in real-time. These include the Transaction Activity Report, Batch Reconciliation Report and Transaction Summary Report.
*Not all credit card processing follows this flow. YapStone offers several processing options, of which this is just one possible scenario.
Why Work With YapStone?
Working with YapStone you’re seen as a valued partner rather than a customer. That’s a big reason why all types of companies, from property management companies to vacation rental owners to non-profits, accept credit cards through us. There’s also our extensive knowledge of the industries we focus on, our sophisticated payment and risk management platform, and the cache we’ve earned from processing over 8-billion dollars in electronic payments a year.