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| *Loan,banking and credit>>>business credit |
How do businesses get paid when customers use a credit card? |
How do businesses get paid when customers use a credit card? The card is swiped. The amount is entered. The credit card company sends the funds to the business' acount the following day (minus a percentage and a small fee). They have an account with some bank for availing this facility. Usually it is the bank that does settlement with other banks through master/visa or Amex. Its called a MERCHANT ACOUNT anyone with a biz lic can get 1 Good luck !!!! This is done through a special banking system like all banking transactions |
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