What is Global Merchant Account Services?
When you are seeking multiple streams to expand your business globally, the area you lack in is mostly accepting payments. What a regular business does is, to bill their customers and wait for days and months to receive the payments in their respective bank accounts.
That is when you need to introduce global merchant account services to your business so that the payments never stop. So, GMA services basically make your business smoother and allow you to accept global payments with minimized delay. This is when you get payments from the companies across the globe in your bank accounts.
Accepting payments from the other countries is usually complicated majorly because of the processing fees. That is what GMA services help the merchants and providers to accept payments globally at reduced costs.
How does it work?
It chiefly involves three steps that talks about authorizing the payment, clearing, and settling it finally.
Authorizing the payment
At the time of purchase, the customers give their credit accounts to the merchant which is later verified for the identity.
The GMA service provider validates all the information including the card security and the identity of the cardholder’s bank account.
After the purchase approval by the cardholder’s bank, it is forwarded to the merchant’s bank which is further sent to the merchant. This ensures completion of the purchase and the merchant gets the receipt.
The same day when the purchase is made, the credit card network receives information from the merchant’s bank.
After the necessary validation, the information is sent to the cardholder’s bank; further, the information is collected and organized to be sent for credit card statement of the cardholder.
After collecting all this information, the credit card network sends the reconciliation statement to the cardholder’s and the merchant’s bank.
Settling the amount
In a week of purchase, the credit card network receives the payment from the cardholder’s bank. The payment is then received by the merchant’s bank further by the merchant against the customer’s purchase.
The transaction is announced completed when the cardholder’s bank finally bills the cardholder.
Benefits of GMA Services
Needless to say, global payment services are the fastest to send and receive payments globally. Proving the global myth wrong, faster payments doesn’t mean frauds. Global merchant account services are allowing the users to accept payments faster with quicker clearing process and reduced processing fees to simplify businesses ever than before.
When you connect to Technonics INC.
Catering to complete merchant account solutions to countless small and medium-sized businesses, Technonics live by its forte. Facilitating incalculable payment processing needs, our service performance will make you sway.
Our thirst to serve our passion is bigger than our clients’ needs, so we make sure that whatever goes out of Technonics is of supreme quality. Offering cost-effective merchant account services, we never let our clients fall on the grounds of payment processing.
We understand your entrepreneurial gist and believe that great service is not just the best download for our clients, but to fostering the business needs. Get your funds in the seamless way possible with our exceptional industry-specific solutions.