Payment Processing Information
What is Global Processing System’s role in processing transactions?
Global Processing Systems is your first point of contact, beginning with your merchant application, and the setup of all major credit cards, debit cards, gift cards, as well as EBT cards. GPS is hands on with your merchant account in the billing, account activity, adjustments, chargebacks, and reporting.
Is it possible to see transaction information now, without having to wait for my statement?
Our Web-based reporting tools, like Resource Online, can provide you with up-to-date daily transaction information.
What exactly is check verification? Do I need it?
Check verification is a type of risk management service that will verify the authenticity of each check accepted and/or its presenter. Transactions are verified through a third-party database that gathers information from many major retailers and banks regarding bad checks and bank accounts that are in a negative status because of returns for insufficient funds or accounts that have been closed. Check verification service is not required, but this service does help to keep your business bad check losses to a minimum.
What are interchange fees?
Interchange fees are transaction-related costs that Global Processing Systems pays directly to the issuer of each card. These fees are established by MasterCard, Visa, American Express, Discover and are directly based upon how a transaction takes place and in what type of industry.
What types of credit cards can I accept?
Global Processing Systems enables you to accept MasterCard, Visa, American Express, Discover, Diners Club/Carte Blanche and JCB cards. Although we do support all credit card types, we only have the ability to directly fund merchants for MasterCard, Visa, and Discover. When processing occurs, each transaction must be authorized, the data must be captured and settlement/funding will be made to the merchant.
What are debit cards?
Debit cards are a different payment method. When goods or services are purchased with a debit card, the funds are removed directly from the customer’s checking account. In addition to standard ATM cards, many banks also issue Visa Check Cards and/or MasterCard Check Cards which can be used online or at the point of sale.
What are the major types of debit card transactions?
Debit card transactions can be done through PIN debit (which requires the consumer to enter a Personal Identification Number), signature debit (swiped debit, no PIN required), online bill payment and online debit. Debit card transactions are the fastest growing point of sale payment method in use today.
What is the difference between PIN debit and signature debit transactions?
The major difference between these two debit options is whether a PIN (personal identification number) is used at the point of sale. When a PIN is used, the payment is immediately withdrawn from the cardholder’s available funds. However, when a signature debit transaction occurs, funds are not withdrawn until the transaction processes completes, which is usually 2-4 days after the sale.
What is a commercial card?
Commercial cards (corporate, business, purchasing) are issued to businesses as a way of financing expenses such as supplies, business travel and entertainment, and other purchases that would have required a purchase order otherwise. By using these cards, often referred to as purchase cards, provides businesses with reporting advantages. By using a commercial card, businesses get itemized records of all their purchases, which really simplifies reimbursement procedures and helps track expenses. This specialized reporting is possible because of specific data that is captured at the point of sale. MasterCard, Visa, Discover provide issuers with the ability to issue commercial card products.
What are private label cards?
A private label card is a credit card that is issued under the name of a particular merchants organization. Merchants offer these cards as an incentive for cardholders to spend money at their businesses. Cardholders usually receive benefits (special discounts, deferred payment schedules, frequency points, etc.) for using the private label card instead of the more common methods of payment such as Visa, MasterCard, Discover or American Express. Typically, private label cards will carry the brand name of the merchant issuing the card.
What are stored value programs?
A stored value program allows the merchant to offer their customers and employees a proprietary card pre-loaded with value for future purchases. Although there are many different applications for stored value cards (Gift Card, Merchandise Return, Prepaid), they all share common components:
- Magnetic Stripe Cards – The merchant issues a consumer an electronic stored value card in exchange for a pre-payment. The card usually includes a magnetic stripe, the merchant’s name or logo and an account number.
- Transaction Processing – The merchant processes stored value transactions from the point of sale. These transactions are delivered to Global Processing Systems authorization system for processing in real time. Account balances are maintained for all cards inside our system.
- Merchant Reporting – The merchant receives reporting that provides information about the transactions processed during a period of time and the outstanding balances of their cards.
- Merchant Benefits – The merchant gets to hold the funds in advance, the funds must be spent in the merchants business, and the customer must return to the merchants store to use the card possibly to purchase product in excess of the card value.
Ask a Global Processing Account Executive about a Gift Card Program, and how it can help you grow your business.
What is Electronic Benefits Transfer (EBT)?
EBT is the automation of cash or cash-like benefits through electronic authorization, data capture and settlement processes. This is accomplished with the use of plastic, magnetic-striped cards at the point-of-sale, causing the elimination of coupon benefits distribution. The electronic process results in increased security, thereby reducing fraud and benefit misuse. EBT is an eco friendly system that saves our trees and reduces waste on our planet.
What is Electronic Check Processing (ECP)?
ECP is a transaction completed via ACH (Automated Clearing House) or facsimile draft sent by a merchant to directly debit or credit a customer’s checking or savings account. ECP processing is often used for recurring payments, such as monthly membership fees. ECP is an eco friendly system that saves our trees and reduces waste on our planet.