Definitions

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Credit Card Processors

Credit card transactions are managed by credit card processors. Each business that processes credit/debit card transactions has a processor to handle its credit/debit card volumes. Some processors work in specific industries or regions while others work with many different types of businesses all across the country.

Each time a person swipes a credit or debit card to pay for a meal, buy clothing, or to handle the costs of any range of products and services, a series of events occurs:

• Initially, the transaction is sent to the processor via a secure channel.
• From the processor, the transaction data is sent to a bank where the transaction is approved and the money is then sent to the processor, who sends it (minus any applicable fees) to the merchant.
• The transaction is then shown as a debt to the balance or limit on the customer's card.

Depending on your specifics, most small businesses can pick and choose the credit card processors with whom they will work. Credit card processors may all have different rates, package deals, or other perks that you will want to review and compare before you make a decision.

It is also important to note that you can often switch processors if you discover a better deal, or need to make adjustments. Switching your processor may or may not require additional hardware or software, but in most cases, it is very quick and easy to accommodate.

AdvanceMe, Inc. works with several leading credit card processors to provide the level of service and competitive rates our customers demand. Through our unique funding products and our processor relationships, we are able to provide the working capital many small businesses need to be competitive.

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