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Top 5 Card Processing Companies

RankName RatingMore Info
1Cayan Payment Processing

Over All Rating:Good


Over All Rating:Good
3E-Commerce Exchange

Over All Rating:Good

Over All Rating:Good


Over All Rating:Good

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Countless businesses all over the world make use of merchant accounts to get accept cashless transactions for their services and goods.  Phone credit card processing, also called touch tone credit card processing is the newest solution that allows businesses accept payments using their smartphone as their virtual or point of sale swipe terminal.

It can save you money and add more flexibility to your payment processing system.  Charge-On-Phone systems provides an alternative solution to traditional merchant accounts that can be costly and impractical for small-scale businesses with low sales volume.

The cutting edge benefits being offered by smart phones via payment apps and other industry experiments are sure to become the standard in coming years.

Using your phone to collect payments provides your clients an alternative form of payment since not all customers carry cash to pay for purchasing products or services.

Additionally statistics show that the initial reaction to cash only businesses is a negative one for your customers, with associations with possible tax evasion, or that you are “fly by night” operation or a “now-you-see-it-now-you-don’t” short term exploitive business.

But you don’t have to lose another customer because you cannot accept credit cards. Nor do you need to carry around bulky credit card processing terminals when your smart phone can now do the heavy lifting.

This is technology at its best.

More flexibility, more sales, more saved time, more growth.

How Phone Processing Works

With a proficient credit card processing service, merchants can verify and accept payment from both traditional and electronic checks, debit cards and all major credit cards. Transactions are processed online 24/7 at anywhere in the world.

The process will vary dependent upon your chosen provider, as apps, software integration and phone capabilities will dictate your options.

But the fundamentals are as follows…

Call In Payment Processing

To initiate a transaction, first you have to key-in the service provider’s toll free number on your touch-tone phone, be it a mobile hand phone or a landline.  A voice prompts will ask you to enter the customer’s credit card number, expiry date of credit card and the amount of sales using your phone’s keypad.

The transaction is processed virtually instantly, and an approval or denial is prompted. If approved, sales amounts are automatically deposited, minus your discount rate, into the merchant’s checking account within two (2) business days. You can use a cheap credit card imprinter for issuance of receipts.

It will create the traditional two-part carbon receipt with the customer’s credit card imprinted on it; the original copy serves as a receipt and the other copy is for your records.

Other Functions (in addition to credit card sales processing) that can be done over the phone include:

  • Credit Card Refunds
  • Void Transactions
  • Authorization-only Transactions
  • Monthly Statement Dictation (outlining credit card processing activity)

How much will you be expected to pay for a phone in processing system?  Here are a few fees you can expect: – (more or less)

Transaction Fee:          $0.24

Voice Authorization Fee:        $0.75

Discount Rate:            2.27%   (Phone in processing discount rates are higher than traditional point of sale swipe discount rates)

One Time Setup:         $25.00

Monthly Service/Support/Statement Fee:       $9.95

  • It is also believed that there is neither any equipment nor software to purchase, and most of all, no other additional fees to pay.
  • Other processing companies offer zero costs on all transaction and discount fees (like transaction fee, voice authorization fee, etc. hidden fees) and instead charge a low $5/mo. service fee, but may ask a much higher rate up front one-time setup fee.
  • In choosing a processing service, take into consideration its average approval rating, costs you will incur per month, account setup time and the account startup cost.
  • Accessible customer service available to answer inquiries 24/7. The support service should include multiple methods of contact including email, instant messaging, texting through cellular phones, hand phone or landline telephone. You should expect your support solution to be quick to respond to any query, help or uncertainty, and likewise, provide useful information.

Credit card processing has never been so affordable, and phone processors are making it more convenient than ever.

Phone credit card processing allows a great deal of expansion for small businesses.  It can take transactions anytime at anywhere.

This is a cost effective way to accept payments since there is just one reasonable monthly fee to pay for all credit card processing activity. A traditional merchant adapting a wireless credit card machine suffers from several monthly fees (add the cost of wireless terminal) that add up to overhead costs which can be hazardous to small merchants.

Additionally, the evolution of mobile commerce is an industry trend that is growing by leaps and bounds.

The Future of Phone Processing – Smart Phones

If your needs are more for mobility over cost, smart phones are developing a number of solutions that offer flexible and easy credit card swiping capability. There even exist card swiping plugins that can attached to your smart phone, compatible with iphones, droids, and other popular devices that allow for remote point of sale card swipe functionality.

Additionally, a number of apps have been developed that offer to function as your 3rd party provider of processing in return for a percentage of your transaction amount, while security VeriSign SSL Certificate for processing has been integrated AVS (Address Verification Service) can be employed for added protection.

So, regardless of your particular industry, if you are in pursuit of value, mobility, flexibility, and professionalism than the future looks bright.

Very soon you will be making a majority of your credit card purchases using phone credit card processing solutions that were just recently not even dreamed of as possible.

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