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Canada Payment Processing Company: Supplier, Services
How does Payment Processing work in Canada? Many Canadian business owners lack the knowledge of what the process is of payment processing transactions and how the fees are implemented and by what companies in Canada?
We will do our best to try and offer credit card payment processing information that includes links to credit card supplier websites, Canadian banking institutions and other useful website links that will help you better understand credit card processing and the debit card processing process; as a consumer or as a merchant (Canada business owner).
Bank Of Merchant (TD Bank, Scotia Bank, Royal Bank, Cibc Bank, Desjardins Bank, HSBC Bank, National Bank of Canada, Laurentian Bank of Canada, Canadian Western Bank, ATB Financial, Bank of Montreal, ING Bank, Manulife Bank, First Nations Bank of Canada, Presidents Choice Bank, Bank of America, Bank of China, Bank of Tokyo-Mitsubishi, Citibank Canada, CTC Bank of Canada, Habib Canadian Bank, BofA Canada Bank, HSBC Bank of Canada, ICICI Bank Canada, Industrial and Commercial Bank of China ‘Canada’, J.P. Morgan Bank Canada, J.P. Morgan Canada, Korea Exchange Bank of Canada, Mega International Commercial Bank, Shinhan Bank Canada, Societe Generale Canada, State Bank of India ‘Canada’, Sumitomo Mitsui Banking Corporation of Canada, UBS Bank ‘Canada’, Walmart Canada Bank, Canadian Credit Unions Supplying Credit Cards)
Payment Processing Machine Supplier (Ingenico Credit Card Payment Terminals)
Payment Processing Company (Digitech Payments)
Point Of Sale (POS) For Business Transaction (E-Commerce Website, Mobile Payments, In Retail Store, Office Location, By Telephone)
Credit Card Issuing Company & Credit Card Suppliers: Visa, Mastercard, American Express)
Payment Gateway (http://www.authorize.net/)
Credit Card Processing Network (Interchange)
Knowing the who, what, where, when, how, why in payment processing, should help you understand the processing fees better so that you might in fact be able to save on costs of consumer-merchant transactions done by your business or also by you as a consumer when shopping for goods or services in Canada.
Let’s start with the transaction, no matter who’s making it, the transaction that is made is called the Point-of-Sale (POS), and this is what payment processing machines are commonly called POS Systems and Digitech Payments supplies POS terminals from Ingenico in Canada. The credit card or debit card issued for payment is now used to initialize a transaction for products/goods, and/or services from a business in Canada. The processing of the payment begins with credit card information being sent to the Payment Gateway provider.
What’s a Payment Gateway? A payment gateway authorizes credit card payments for online stores, internet businesses, and any traditional retail store or company location offering services or products that need to be paid for. The payment gateway is an application service provider for e-commerce transactions. The payment gateway is almost identical to the POS terminal itself. The terminals are used to encrypt the credit card information to protect your personal identity online. Gateways assure that credit card protection is at it’s highest against fraud when the processor information is being transmitted between a customer and a retailer, and further, between retailer (merchant), and the payment processing company in Canada or USA, whoever you have your credit card payment processing service set-up with. Digitech Payments is a proud Canadian company offering services to businesses and online retailers.
The next step in the process of payment processing is the payment gateway application now sends the business transaction information from transaction arena to the payment processor. The payment gateway information (credit card company, business name, customer info, transaction details) is collected by the payment processor and is now sorted into the proper channel or network, depending on who the credit card is distributed by.
The payment processing data is now in the hands of the payment processor network. Transaction info. is now processed by the network to offer balance information, and to see if the transaction is within a normal spending pattern for the client to guard against fraudulent activity. The credit card supplier replies with all secure personal information regarding your credit card or Interac card, balance available and security checks. This is when the payment is now approved or declined by the debit or credit card issuer.