About Smartphone Credit Card Processing:
Smartphone credit card processing makes use of innovative technologies to allow businesses to accept credit card payments via smartphones. They save time thanks to smartphone merchant credit card processing, which gives them an opportunity to focus on business issues and sidestep the inconvenience associated with manual payments such as paper checks.
Best Smartphone Credit Card Processing with YapStone
From detailed reporting that helps businesses reconcile and gain insights from analytics, to the ability to handle industry-specific data, YapStone’s credit card smartphone processing solutions include robust features that we’ve developed over the past 15 years. We offer smartphone card processingsolutions focused on security and reliability, and are fully PCI Level One certified.
How Does Credit Card Smartphone Processing Work? *
There are a series of steps involved in processing credit card smartphone transactions:
Step 1: User Initiates Online Credit Card Payment
The user signs in via a smartphone to pay rent, vacation home rental charges, HOA dues, inn charges or a church donation, and chooses credit card as the payment method. Then, the user supplies name, credit card details, and billing address, and submits payment.
Step 2: YapStone to Payment Processor
YapStone sends the transaction to its payment processor through a dedicated link that’s monitored 24/7 to make sure that credit card phone payment processing takes place without interruption.
Step 3: Payment Processor to Credit Card Networks to Card Issuing Bank
In order to get validation on the payment details, the payment processor relays them via the credit card networks (Visa, MasterCard, American Express, Discover) who, in turn, send them for authorization to the card-issuing bank.
Step 4: Credit Card Issuing Bank
The card-issuing bank of the user denies/approves the transaction depending on the card status and if the transaction is within the cardholder’s credit limit.
Step 5: Payment Processor to Credit Card Networks to YapStone
Assuming the payment is approved, the user is charged by the card issuer, which sends the funds to the card networks minus fees that cover credit risk and customer rewards costs. The card networks then communicate the approved status of the transaction to the payment processor who informs YapStone and transfers the funds, minus the applicable fees.
Step 6: YapStone to User
YapStone informs the user through the online payment interface as to whether the transaction was approved or denied. In the event the paymentis denied, YapStone’s payment gateway informs the site or app and due to the fact that the card issuer did not authorize the transaction, no further action takes place.
Step 7: YapStone to Merchant
Finally, YapStone transfers funds to the merchant’s account. This transaction usually takes 1 or 2 business days. The user receives an email and payment receipt notifications are sent to the merchant. Detailed YapStone merchant reports are updated in real-time. These reports include the Transaction Activity Report, Batch Reconciliation Report and Transaction Summary Report.
*Not all credit card payment processing with smartphone follows this flow. YapStone offers several processing options, and this is just one.
Best Smartphone Credit Card Processing for Check Dominated Industries
At YapStone, we think of you as an important partner rather than a customer. It’s a major reason why so many businesses, including property management companies, inns and B&Bs, vacation property management companies, and non-profits allow us to handle their smartphone credit card processing. And then, there’s also our deep expertise in the industries we focus on, our sophisticated payment and risk management platform, and the fact that we process $8-billion in electronic payments every year.