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The acquiring bank that provides the merchant account will act as a
clearinghouse for the credit card payments. Each day, the acquiring bank
transmits instructions to the issuing banks telling them to remove funds from
the buyer’s credit card account and transfer the money back to the acquiring
bank. Once the issuing bank has transferred the funds to the acquiring bank,
the acquiring bank will then transmit the payment to the seller’s regular
business bank account. The missing link in the above transaction is how the
seller connects to the acquiring bank to send the credit card transactions. In
standard retail stores, the connection is usually through a swipe terminal and
a phone line, but in non-retail environments the connection is through card
processing software and a payment gateway.
Both the swipe terminal and the card processing software require a
connection to the acquiring bank. A credit card processing network provides
this connection. As with issuing and acquiring banks, there are multiple card
processing networks. The acquiring bank usually determines which network
the seller’s merchant account will need to use. The swipe terminals or the
card processing software will dial directly into the card processing network to
transmit the credit card transaction.
Once the seller has established a Visa/MasterCard merchant account, they
will also want to consider accepting American Express, Discover, Diners
Club, and other card types. In order to accept other credit cards, the seller
must also obtain merchant accounts from the other credit issuing card
companies. Many times the organizations providing the Visa/MasterCard
accounts can assist the seller with obtaining the additional credit card
merchant accounts. The seller can also contact the organizations directly to
sign up for a merchant account. Once the seller has obtained the additional
merchant accounts, then all that needs to be done is to add the additional
merchant accounts to the seller’s Visa/MasterCard merchant account at both
the acquiring bank and the card network. The Visa/MasterCard acquiring
bank will be able to transmit to American Express, Discover, or Diners Club
directly to move funds just like a normal Visa/MasterCard transaction. The
AssureBuy payment gateway needs no special programming to accept the
additional cards other than adding the additional payment options to the
seller configuration.
Credit Card Network Setup
The AssureBuy payment gateway is connected to several predominant card
processing networks, including VisaNet(Vital) and First Data(FDMS). The
First Data network has a variety of platforms that merchants can use to
process credit card transactions. AssureBuy currently connects to the
Nashville platform and the South platform. Each network has a unique set of
informational requirements that must be entered into the AssureBuy payment
gateway before the merchant can process credit cards. The acquiring bank
determines the credit card processing network to be used, so the business
must contact their merchant account provider to verify whether they are
compatible with the AssureBuy payment gateway.
VisaNet(Vital)
In order for VisaNet to configure your merchant account to work with the
AssureBuy payment gateway, the following information will need to be
provided to VisaNet about the AssureBuy payment gateway.
Software Type: PaylinX version 3.1.9
AssureBuy Payment Processing Microsoft Great Plains Dynamics/eEnterprise Introduction to AssureBuy • 14