Credit Card Processing Blog
How Has Mobile Credit Card Processing Evolved?

Jan 25, 2016 04:40 PM / by Reliance Star

When comparing the past to the present, the payment processing industry has completely evolved. Years ago, payments were made the old fashion way – a physical form of money handed to a business owner. From then, money and technology has evolved into what we have today. Different, faster forms of payments such as credit cards and credit card machines take up majority of the population’s interest. Now, the world is blessed with mobile credit card processing.
 
When processing transactions stepped up with the invention of credit cards, the process was ponderous and slow. There was no online processing, verification of funds, or even methods for card validation so fraud could definitely be achieved. To process charges, a copy of the card had to be made, the totals had to be written, and the customer had to sign it. Once that is done, the signed slips had to be sent out to the card companies which would then credit the bank account. This entire process would take up to weeks to fulfill. 
 
Nowadays, completing a transaction can take a matter of seconds to perform with mobile credit card processing. In some cases, the process could take 2 to 3 days at most. Using mobile merchant accounts allows transactions to get done faster, from anywhere. Vendors can now input a customer’s credit card information, get instant verification, and receive the amount from the customer’s balance instantly. Using mobile credit card processing allows you to provide notable customer services such as swiping cards, issuing refunds, and emailing customers from anywhere, anytime. With the new technology and payment setups, you get your money faster, help protect your customers and business against fraud, and build customer relationships.
 
Looking at how far the industry has come, it’s impossible to fathom how transactions were processed years ago. Even with all the advances, there are still merchants that only accept the traditional forms of payment. Keeping your business up to date can benefit you in many ways including customer loyalty. For more information on how you can help your business evolve, contact us to speak with one of our certified payment professionals today.