Payment Processing Frequently Asked Questions
TSYS Merchant SolutionsSM is often asked questions about all aspects of credit card processing and the services and products that we offer. We’ve compiled a list of the most frequently asked questions and answers to them listed below.
A credit card processor provides the services and equipment a business requires for accepting credit card payments. These payment types may include:
- Recurring payments
- Alternative payments
A credit card processing partner, like TSYS Merchant SolutionsSM, provides the service and equipment needed to accept these payments. Transactions can be accepted through a traditional terminal, or via the Internet or your PC.
From the time a business accepts a consumer payment to the time the business is paid, there are a number of steps. For this example, we will follow a credit card transaction.
- Cardholder makes a purchase. The business records the card information by swiping it through a Point-of-Sale (POS) terminal, or entering card information into an online or PC-based solution. The information is transmitted to a payment processor — such as TSYS Merchant Solutions — via an authorization vendor.
- An authorization vendor sends the transaction information from the business' POS terminal or system to the issuer for approval.
- The payment processor sends the transaction to a card brand.
- The card brand submits the transaction to the credit card issuer.
- The credit card issuer pays the card brand.
- The card brand pays the payment processor or sponsoring bank.
- The payment processor or their sponsoring bank pays the business.
- The card issuer sends the billed amount to the cardholder on their monthly statement.
- The issuer is paid when the cardholder pays their bill.
The types of cards you accept will depend on your payment processor. TSYS Merchant Solutions provides processing services for all of the major card brands as well as:
- Debit cards
- Paper checks
- Prepaid cards
- Payroll cards
You will receive a monthly statement that summarizes all activity. You can check your statements online daily. The format of a monthly statement varies by payment processor, but generally outlines charges, transaction volume and other related information. TSYS Merchant Solutions also has a dedicated customer service team to answer any statement questions.