Frequently Asked Questions About Payment Processing

• Who is TSYS Merchant Solutions?

  TSYS Merchant Solutions is a top 10 payment processor with more than 55 years of experience providing first-rate service and solutions to businesses across the nation.

• How do I accept bank cards?

  A payment processor provides the services and equipment a business requires to accept consumer payments. These payments may involve credit, debit, prepaid cards and paper checks. Many payment processors, including TSYS Merchant Solutions, also provide businesses the ability to accept payments via the Internet, set up recurring payments, transform paper checks into electronic payments and other services.

• Who is involved in a typical transaction?
  
  

  	Cardholder Makes a purchase using their card.
  	Business Accepts the card as payment for goods or services.
  	Issuer Provides the card to the cardholder and maintains that cardholder's account.
  	Payment Processor Processes card sales for businesses (TSYS Merchant Solutions is one of the nation's top payment processors).
  	Card Brand Visa®, MasterCard®, Discover® Network, or American Express®
  	Authorization/EDC Vendor Provides a means of electronic communication between the business, payment processor and issuer.

  
  
• How does the transaction process work?

  From the time a business accepts a consumer payment to the time the business is paid, the process entails a number of steps. For this example, we will follow a credit card transaction.

  

  1. Cardholder makes a purchase and the business records the card information, either by swiping it in a Point-of-Sale (POS) terminal, using a card imprinter, virtual terminal or by manual entry. The information is transmitted to a payment processor such as TSYS Merchant Solutions via an authorization vendor.
  2. An authorization vendor sends the transaction information from the business POS device to the issuer for approval.
  3. The payment processor sends the transaction to a card brand.
  4. The card brand submits the transaction to the credit card issuer.
  5. The credit card issuer pays the card brand.
  6. The card brand pays the payment processor or sponsoring bank.
  7. The payment processor or their sponsoring bank pays the business.
  8. The card issuer sends the billed amount to the cardholder on their monthly statement. The issuer is paid when the cardholder pays their bill.
• How does accepting credit cards benefit my business?

  Accepting credit cards typically brings more traffic, higher average tickets and better customer service. Also, customers tend to spend more when they are paying with a credit card rather than cash or check.

• What types of payments can I accept?

  The types of cards you accept will depend on your payment processor. TSYS Merchant Solutions provides processing services for all of the major credit cards including:

  • Visa
  • MasterCard
  • Discover
  • Amex
  • Debit cards
  • Paper checks
  • Prepaid cards
  • Payroll cards

  
  
• Will I receive a monthly statement?

  You will receive a monthly statement that summarizes all activity. Or, you can check your statements online daily. The monthly statements outline charges, transaction volume and other information. TSYS Merchant Solutions also has a dedicated customer service team to answer any statement questions.

• What if I want to accept Internet payments? What will I need?
  
  

  • A website, hosting service and secure server
  • Shopping cart software
  • Online payment gateway to move transactions through the authorization, processing and transaction processes

  
  
• What do I need to get started?
  
  

  • POS terminal, card processing software or virtual terminal
  • Processing account with a payment processor like TSYS Merchant Solutions
  • Business bank account to receive deposits for payment from card acceptance
• What will this cost?

  Each payment processor sets charges and fees for its customers. TSYS Merchant Solutions offers competitive rates and can provide you with an analysis to show you where you can potentially save money.

• How quickly can I get started?

  Depending on the services required, most businesses can start accepting credit cards within a few days. TSYS Merchant Solutions typically has new customers up and running in as little as two days. TSYS Merchant Solutions’ dedicated customer service representatives are available 24/7 to assist with any questions or problems.

*TSYS Merchant Solutions is a registered agent of First National Bank of Omaha^®.