If you're considering starting -- or have already established a retail store You've probably come across at the very least one merchant service provider (MSP). These are the gatekeepers between your customers' debit and credit cards and your cash register. Your relationship with your MSP is crucial because:

You can accept credit and debit cards via them

They can assist you in meeting the security standards

We'll discuss who these gatekeepers are and how your company fits in with their relationships.

What is a Credit Card Processing Companies In California?

The Payment Card Industry (PCI) is the primary authority on all matters related to payments worldwide. They define the standards and best practices that merchants, service providers as well as card issuers and banks must abide by. In accordance with the PCI guidelines, merchants are defined as "Any company that accepts payment cards bearing the logos of any one of the five members of PCI SSC (American Express, Discover, JCB, MasterCard or Visa) to pay for services or goods."

The PCI defines service providers as:

"Business entities that aren't being a payment brand that are that are involved in processing and storage or transmission of cardholder information on behalf of another entity. It also includes businesses that offer services that control or could affect the security of the cardholder's data." CorePaymentSolutions is merchant services California.

According to these definitions, all of these stakeholder groups are considered service providers:

The five PCI SSC members pictured above

Merchant and consumer banks , as well as their payment processors

Companies that manage the servers through which you are sending the payment information

The Transaction Process

Let's start by explaining the history behind the MSP transaction using a card. This is a procedure that thousands of businesses and individuals take as a given every day.

Card-Based Transaction Process

Step 1

The consumer initiates a transaction by inserting or swiping their credit or debit card into the point-of-sale (POS) system.

Step 2

Transaction info (amount, card number, issuing bank etc.) It is sent by merchant's payment program directly to the MSP.

Step 3

Merchant's MSP transmits transaction data to the appropriate card association (Visa or Discover, MasterCard, etc.).

Step 4

The card association sends transaction data to the bank.

Step 5

Consumer's bank reviews their credit limit or available funds and approves transaction accordingly. The card association is notified of payment approval.

Step 6

The merchant's MSP confirms that the credit card company has approved the transaction.

Step 7

The merchant closes the transaction and issues receipts to the buyer.

The actual payment between merchants and customers can happen automatically upon payment approval at the close of each working day, or when the merchant is closing their transactions (daily or biweekly).).

MSPs play a key role in assisting merchants with transactions. What do retailers need to know in order to select the right MSP for their company?

Tips to Choose the right Merchant Service Provider

It's obvious how important it is for merchants to ensure that they collaborate with a reliable, consistent MSP. It's not always a "pick-and-choose" situation Sometimes, the previous MSPs aren't compatible with the new POS system. CorePaymentSolutions provides the most reliable service if you are searching credit card processing Los Angeles.

Whatever the circumstance there are good practices that merchants can use to ensure that they have the best MSP. Transfirst, an MSP affiliated with Wells Fargo Bank lists the most important tips that merchants should adhere to.

Go into the selection process with a clear idea of the requirements you require for your company. What MSPs can you have confidence in to process your payments? What MSPs have plans for the future, and are willing to explore new payment options?

Be aware of the costs and costs that are associated with each MSP that you are considering. When you reach the threshold of sales, some providers will increase your rates. This is basically an arrangement of "the more you make it, the more you have to pay."

Read online reviews to find out about the customer service provided by an MSP. Which level of support are you entitled to? Are there additional support costs? Keep in mind how well you can solve issues on your own versus the frequency you'll need to call customer support.

Retailers should also consider the various MSP options available when switching to a different system. Certain POS California systems require that you work with one MSP or offer an array of preferred MSP partners. Certain POS systems allow you to pick your personal MSP.

Core Payment Solutions

6513 Hollywood Blvd.

Suite 211

Los Angeles, CA 90028

Phone: (323) 332-9423