The credit card has come a long way since it was first introduced in the 1940s in America for car owners who needed to buy gas in a convenient manner. Fast forward to the present day, and United States citizens own an astounding 609.8 million credit cards, collectively. One way to visualize this would be to imagine a 288 mile high tower constructed from these cards. With many of these cards being used for web purchases, it is critical that companies have efficient on line credit card processing in place.
This can be facilitated by credit card processing providers whose job it is to ensure that payments are made in a safe and timely way. In addition to these online merchant services, the credit card companies themselves utilize specific security measures. As early as 1983, MasterCard was using the first hologram to prevent the use of fake credit cards. With security in mind, when partnering with an account services merchant it is important to make sure that the company meets all of the requirements for PCI compliancy.
Another feature of a credit card processing company is its ability to deal with online recurring billing. This is particularly valuable if you have customers who make regular monthly payments. You will definitely want to make this option available to those who use American Express, since they make up nearly a quarter of all U.S. credit card transactions, in terms of monetary volume. In general, the specific kind of credit card a customer uses can be easily ascertained by the first few digits of the issuer identification number, which is at the beginning of your credit card number. For instance, if your card starts with a 4, it is a Visa card. The numbers 34 or 37 denote American Express. When a cards first two digits are either 51 or 55, it is a MasterCard, while Discover cards always begin with the numbers 6011.
Regardless of what cards your customers use, it is imperative that you use on line credit card processing that enables transactions to go through effectively while ensuring peace of mind for your clients. For more information, share your questions, comments, and tips in the forum below.