If you’re looking for ways to boost your business and improve your bottom line, one of the best things you can do is adopt pay by credit card method. Not only are these methods secure and convenient for your customers, but they also come with a range of benefits that can help your business prosper.
In this article, we’ll look at some of the critical advantages of pay by credit card option and explain how you can switch to using Zil Money to easily make payments.
Key Lessons
- Credit Card
- This is why you should use a credit card
- Processing a credit card payment
- Steps in credit card processing
- Security and PCI Compliance
- Payment by credit card vs. Bank transfer
- Pay your employees using a credit card
Credit Card
A credit card is a piece of plastic that you can use to buy things, pay bills, or, depending on the card, get cash. Credit cards may be issued by stores, banks, or other financial institutions, often offering perks like cash back, discounts, or rewards. A credit card is best thought of as a type of short-term loan.
This Is Why You Should Use a Credit Card
Credit cards have several perks. Use them wisely to develop credit. Good credit lowers interest rates on house and car loans. Credit cards can help you budget by tracking and categorizing spending or offering budgeting tools.
Credit cards usually give rewards or cash back. Cards with high rewards rates in categories like dining out and flying might benefit heavy spenders.
Fraud protection is one of the main advantages of credit cards over cash or debit cards. You’re protected if your card is lost, stolen, or used fraudulently.
Processing a Credit Card Payment
Processing credit cards is the authorization, approval, and management of credit card transactions. This procedure consists of three primary steps: payment authorization, authentication, and clearance.
Zil Money’s credit card processing is fast, transparent, and reliable.
Steps in Credit Card Processing
Let’s examine each credit card processing phase to make the most informed choice. Credit card processing has three steps:
Payment Authorization: Payment is the first step in using a credit card. The merchant’s credit card terminal or website sends the credit card number, expiration date, security code, and payment amount to the store’s acquiring bank or processor. This information is sent to the right credit card network (like Visa or MasterCard), which then sends it to the customer’s bank to verify.
Payment Authentication: When the payment request comes in, the issuing bank checks to see if the cardholder has enough money on the card to make the purchase. The bank will also do security checks to ensure the cardholder’s information is correct and to see if the transaction shows any signs of fraud.
If everything checks out, the transaction is approved by the bank account, which tells the payment processor and the credit card reader or terminal.
Clearing: At this stage, statements are sent to the cardholder and merchant services with information about the transaction. At the end of each business day, the merchant sends the acquiring bank or processor a group of approved credit and debit card transactions.
Security and PCI Compliance
When you use Zil Money to process credit cards, you can be sure that your data is safe and secure. We meet all PCI security standards, so you can worry-freely run your business. Also, our tools to prevent fraud help make sure that only genuine transactions are processed.
Payment by Credit Card vs Bank Transfer
A bank transfer is when money is moved from one account to another. To do this, you must first send in a request and then give the necessary authorization codes. With a credit card, the bank will pay for the purchase immediately and send you a bill. With the help of Zil Money, you can now pay your vendors with credit cards even if they don’t accept them.
Pay Your Employees Using Credit Card
Credit cards help maintain your company’s financial flow. Zil Money reduces credit card fees for payroll. Zil Money credit card payroll simplifies payroll and cash flow.
Our technology lets you pay by credit card even if your vendor or landlord doesn’t accept it or for payroll without costs. Pay with credit cards. We’ll take care of the rest with your payment information. We accept checks and ACH. ACH/eCheck transactions cost the transaction charge.
Our platform enables you rapidly manage payroll, print payroll or any check, create or personalize checks with your business logo and other details, send via ACH or wire transfer, perform bank reconciliation, and more.
Pay by credit card option from Zil Money will let you use a credit card even if the receiver doesn’t allow credit card payment. In addition, our platform will enable you to send credit card payments through eCheck, ACH, or other methods provided in the platform.
