What is Payment Processing?
At BeeKash Payment System Ltd., our focus is on helping businesses grow and flourish. By expanding your accepted methods of payment, the sky's the limit. As a business, what matters to you is that your customers can use their chosen form of payment easily and securely. If you are new to payment processing, we are here to help.
The basics of payment processing can be broken down into three major processes: authorization, settlement, and funding. Let’s take a closer look at each branch of payment processing.
The entire process of authorization appears to happen almost instantaneously to the consumer. During authorization, your customer’s credit card is validated and verified for sufficient funds.
Commonly, your customer will submit their credit card information via swiping/inserting their card (card present), entering their card information online, or over the phone. After obtaining your customer’s payment information, the information is forwarded to BeeKash Payment System Ltd., and is then transmitted to the appropriate payment brand (Visa, MasterCard, American Express, etc.). The payment request is then sent to the card issuer, which is the bank that issued the card to the customer, and the transaction will either be approved or declined.
The approval or decline is then sent from the card issuer back to the payment brand, then forwarded on to BeeKash Payment System Ltd., and finally on to you (the merchant).
When your customer’s payment has been approved, the payment process is not yet completed. Settlement is the process that occurs when you (the merchant) submits approved transactions to the payment processor to clear and be funded. During settlement, you submit your transactions to BeeKash Payment System Ltd., which then forwards them to the payment brand (Visa, MasterCard, American Express, etc.). Once the appropriate payment brand receives the request for settlement, they issue a debit to the card issue to settle the transaction and issue a credit to BeeKash Payment System Ltd., which then reimburses you for the transaction.
Funding is the final step of payment processing that occurs when BeeKash Payment System Ltd. deposits settled transaction funds into your (the merchant’s) bank account, or Bitcoin wallet. In order for BeeKash Payment System Ltd. to fund you as quickly as possible it is important to be fully versed on your contract as well as deadlines and holidays that may interfere with funding.