Approval or Approved

“You have been approved” is the message you receive in the mail for your credit card. It is also the message for when your financial transaction has been completed. When a credit card is swiped, read or recorded by a merchant, the transaction process is just beginning with the sending of an authorization request. Here is an explanation of the credit card processing transaction Approval.

Who approves credit card transactions?

The credit card issuing bank has the authority, power and duty to approve credit card transactions. The credit card issuer sets the rules, licenses third-parties and controls the keys for completing financial transactions. The credit card issuing banks have licensed and authorized some acquiring banks to approve debit and credit card transactions too.

Credit Approval Process

The merchant account must get a clear-cut approval before funds are transferred from a customer account. After a customer hands his debit or credit card to the merchant, the merchant’s electronic system records the identification number and password. This data is then sent to the credit card processor, acquirer or acquiring bank for account verification.

This acquirer will verify the authenticity of the credit card by checking the PIN with the official credit card bank records. If the credit card is legitimate, then the authorization request will be sent to the credit card issuing bank.

Some acquiring banks might issue their own debit or credit cards, along with providing electronic point-of-sale (POS) machines. If the merchant account and customer account are branded in the name of the acquiring bank, then the acquiring bank might verify and approve the transaction.

What does final credit card transaction approval mean?

When the authenticated private consumer data reaches the credit card issuer, the individual’s bank account will be opened. The amount to be debited will be compared to the amount available to see if there is enough money to complete the transaction. If the funds are available, then the financial transaction will be approved.

When the merchant account receives the approval message, it means that 1. the customer has provided the authentic password and ID, 2. the customer had enough money in his bank account to pay for the products or services and 3. the customer’s account has been debited and the merchant account has been credited.

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today! (866) 837-0751

© 2016 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Walnut Creek, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

Call (866) 837-0751 for details.