ACCEPTING DEBIT CARDS
Debit cards or check cards offer consumers a way to make payments without cash or check. Cardholders are able to pay for services and goods at places that accept debit cards. To accept debit cards online, companies engage the services of debit card processing providers who ensure that the system works.
Accept Debit Cards and Bid Farewell to Paper Checks
YapStone’s delivers the convenience that comes from accepting debit cards and liberates you and your customers from annoying paper checks. Our 15 year history of providing customizable, scalable, and flexible payment solutions includes extensive experience with debit card acceptance. Our goal is to give you back some of the time you need to focus on running your business.
Debit Card Acceptance 101 *
There are a number of steps involved in accepting debit card payments online:
Step 1: User Initiates Online Payment
The user signs in and selects the debit option to pay rent, HOA dues, vacation home rental charges, inn charges or a church donation. They provide name, debit card information, and billing address, and then submit payment.
Step 2: YapStone to Payment Processor
YapStone sends transaction details to its payment processor via a dedicated link, which is monitored 24×7 to ensure uninterrupted processing.
Step 3: Payment Processor to Debit Card Networks to Card-Issuing Bank
The payment processor validates payment details by sending them to the debit card networks (Visa, MasterCard), which then send them for authorization to the card-issuing bank.
Step 4: Card Issuing Bank
The user’s card-issuing bank approves/denies the transaction based on card status and depending whether the user has sufficient funds in their account.
Step 5: Payment Processor to Card Networks to YapStone
If payment is approved, the card issuer charges the user and forwards funds to the card networks minus fees to cover costs like credit risk and rewards. The card networks then send the approved transaction status back to the payment processor, which informs YapStone and passes on the funds, less the applicable fees.
Step 6: YapStone to User
YapStone informs the user as to whether the transaction is approved or denied via the online payment interface. In the event that 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 is taken.
Step 7: YapStone to Merchant
At this point, YapStone moves funds from its bank account to the merchant’s account. Funds are generally received in 1-2 business days. An email receipt is sent to the user, payment receipt notifications go to the merchant, and detailed YapStone merchant reports update in real-time. Reports include the Transaction Activity Report, Batch Reconciliation Report and Transaction Summary Report.
*Not all debit card processing follows this flow. YapStone offers several processing options. This is just one.
WhyWork With YapStone to Accept Debit Cards Online?
YapStone considers you a valued partner more than a customer. That’s one big reason why all types of companies, from vacation rental owners to property management companies to non-profits, make use of our debit card acceptance services. They’re also impressed by our deep knowledge of the industries we work in, our sophisticated payment and risk management platform, and the status we’ve accrued from processing eight-billion dollars in electronic payments annually.