Mobile Credit Card Processing: An Overview
Mobile credit card processing leverages innovative technologies that enable companies to accept credit card payments from mobile phones. The timesaving afforded by mobile merchant credit card processing lets companies concentrate on their core business and avoid the inconvenience of manual payments like paper checks.
YapStone: Best Mobile Credit Card Processing
YapStone’s credit card mobile processing solutions include powerful features developed over 15 years. This includes detailed reporting that helps businesses reconcile and gain insights from analytics, and the ability to handle industry-specific data. YapStone is fully PCI Level One certified, offering mobile card processing solutions focusing on security and reliability.
How Does Credit Card Mobile Processing Work? *
There are a series of steps that take place in processing credit card mobile transactions:
Step 1: User Initiates Online Credit Card Payment
The user signs in to pay rent, HOA dues, vacation home rental charges, inn charges or a church donation, and selects credit card as the method of payment. Next, the user provides information such as name, credit card details, and billing address, and then submits a payment.
Step 2: YapStone to Payment Processor
YapStone relays the details of the transaction to its payment processor using a dedicated link that’s monitored 24 x 7 to ensure that credit card payment processing is not interrupted.
Step 3: Payment Processor to Credit Card Networks to Card Issuing Bank
To validate the payment details, the payment processor sends them through the credit card networks (Visa, MasterCard, American Express, Discover) that then relay them to the card-issuing bank for authorization.
Step 4: Credit Card Issuing Bank
The user’s card-issuing bank approves/denies the transaction based on the card’s status and whether the transaction is within the credit limit of the cardholder.
Step 5: Payment Processor to Credit Card Networks to YapStone
In the event the payment is approved, the customer is charged by the card issuer who sends the funds to the card networks less fees to cover costs such as credit risk and customer rewards. The card networks send the transaction-approved status back to the payment processor that then notifies YapStone and passes on the funds, minus the fees that apply.
Step 6: YapStone to User
YapStone informs the user about whether the transaction was approved or denied through the online payment interface. If the paymentis denied, YapStone’s payment gateway notifies the site or app and because the card issuer didn’t authorize the transaction, no further action occurs.
Step 7: YapStone to Merchant
Lastly, YapStone transfers funds from its bank account to the merchant’s account. The transfer normally takes 1-2 business days. A receipt is then emailed to the user and payment receipt notifications are relayed to the merchant. Additionally, detailed YapStone merchant reports update in real-time, including the Transaction Activity Report, Batch Reconciliation Report and Transaction Summary Report.
*Not all online credit card payment processing follows this flow. YapStone offers several processing options, of which this is just one possible scenario.
YapStone: Best Credit Card Processing for Check Dominated Industries
When you work with YapStone, we consider you to be a valued partner rather than a customer. That’s one big reason why all types of businesses, from property management companies to vacation rental owners to inns and B&Bs to non-profits, allow us to handle their credit card processing online. Of course, there’s also our extensive knowledge of the industries we work in, our sophisticated payment and risk management platform, and the fact that we process $8-billion in electronic payments annually.