In the ever-evolving landscape of financial technology, businesses are constantly seeking efficient, secure, and cost-effective solutions for processing credit card transactions. Among the various options available, Orbital credit card processing stands out as a robust and versatile platform. This article delves into the intricacies of Orbital processing, exploring its functionality, benefits, and how it can empower businesses of all sizes.
Hallo Reader viral.erudisi.com! Welcome to an in-depth exploration of Orbital credit card processing. In today’s digital world, understanding how payments are processed is crucial for any business looking to thrive. This article will break down the complexities of Orbital processing, providing you with valuable insights to make informed decisions for your payment processing needs.
What is Orbital Credit Card Processing?
Orbital credit card processing, offered primarily by Chase Paymentech, is a payment gateway that acts as a crucial intermediary between a merchant, the customer’s bank (issuing bank), and the acquiring bank (merchant’s bank). It facilitates the secure transmission of credit card data, authorization of transactions, and settlement of funds. Unlike some simpler payment gateways, Orbital is a more comprehensive solution designed for businesses with higher transaction volumes or complex processing needs.
Key Components of Orbital Processing:
- Payment Gateway: The core component, the payment gateway encrypts and transmits sensitive cardholder data securely. It connects to the acquiring bank’s network and the card networks (Visa, Mastercard, American Express, Discover) to process transactions.
- Acquiring Bank: The bank that processes the merchant’s credit card transactions and deposits funds into the merchant’s account. Chase Paymentech acts as an acquiring bank for merchants using the Orbital platform.
- Card Networks: Visa, Mastercard, American Express, and Discover. These networks facilitate the movement of funds between the issuing and acquiring banks.
- Issuing Bank: The bank that issued the customer’s credit card. It approves or declines transactions based on the cardholder’s available credit and account status.
- Merchant Account: An account established with the acquiring bank that allows a business to accept credit card payments.
How Orbital Processing Works:
The process of processing a credit card transaction through Orbital can be broken down into the following steps:
- Transaction Initiation: The customer provides their credit card information (card number, expiration date, CVV, etc.) at the point of sale (POS) or online checkout.
- Data Encryption: The payment gateway encrypts the sensitive cardholder data to protect it during transmission.
- Authorization Request: The encrypted data is sent to the acquiring bank (Chase Paymentech), which forwards it to the relevant card network.
- Authorization Approval/Decline: The card network routes the transaction to the issuing bank, which verifies the cardholder’s information and available credit. The issuing bank then approves or declines the transaction.
- Response Transmission: The issuing bank sends an authorization response (approval or decline) back through the card network to the acquiring bank and then to the payment gateway.
- Transaction Completion: If approved, the payment gateway relays the approval message to the merchant. The merchant can then complete the sale.
- Batch Settlement: At the end of the day, the acquiring bank batches all approved transactions and submits them to the card networks for settlement.
- Fund Transfer: The card networks transfer the funds from the issuing banks to the acquiring bank, which then deposits the funds into the merchant’s account, typically minus processing fees.
Benefits of Using Orbital Processing:
Orbital processing offers several advantages for businesses:
- High Security: Orbital employs robust security measures, including encryption and tokenization, to protect sensitive cardholder data and comply with PCI DSS (Payment Card Industry Data Security Standard) requirements. This helps minimize the risk of data breaches and fraud.
- Scalability: Orbital is designed to handle high transaction volumes, making it suitable for businesses experiencing rapid growth or those with peak sales periods.
- Customization: The platform offers a range of customizable features, allowing businesses to tailor their payment processing to their specific needs. This includes features like recurring billing, fraud detection tools, and integration with various POS systems and e-commerce platforms.
- Multiple Currency Support: Orbital supports multiple currencies, enabling businesses to accept payments from customers worldwide.
- Advanced Reporting and Analytics: The platform provides comprehensive reporting and analytics tools, allowing merchants to track sales, identify trends, and gain valuable insights into their business performance.
- Integration Capabilities: Orbital seamlessly integrates with a wide range of e-commerce platforms, shopping carts, and accounting software, simplifying the payment process and streamlining business operations.
- Fraud Prevention: Orbital offers advanced fraud detection tools to help businesses identify and prevent fraudulent transactions, reducing the risk of financial losses.
- Reliability and Uptime: Chase Paymentech, the provider of Orbital, is known for its reliable infrastructure and high uptime, ensuring that businesses can process payments without interruption.
- Dedicated Support: Merchants using Orbital typically have access to dedicated customer support to assist with any issues or questions they may have.
- Direct Connection to Card Networks: As a direct provider, Orbital offers a more streamlined connection to card networks, potentially leading to faster processing times and improved transaction success rates.
Who is Orbital Processing Best Suited For?
Orbital processing is an excellent choice for businesses that:
- Process a high volume of transactions: The platform is designed to handle large transaction volumes efficiently.
- Require robust security: Businesses that prioritize data security and compliance with PCI DSS standards will benefit from Orbital’s security features.
- Need customization and flexibility: Businesses with complex payment processing needs or those that require integration with various systems will find Orbital to be a versatile solution.
- Operate internationally: Businesses that accept payments from customers in multiple currencies will find Orbital’s multi-currency support advantageous.
- Seek advanced reporting and analytics: Businesses that want to track sales, identify trends, and gain insights into their business performance will benefit from Orbital’s reporting tools.
Cost of Orbital Processing:
The cost of Orbital processing varies depending on several factors, including:
- Transaction Volume: Higher transaction volumes often result in lower per-transaction fees.
- Transaction Type: Card-present transactions (e.g., in-store) typically have lower fees than card-not-present transactions (e.g., online).
- Industry: Some industries may have higher processing fees due to increased risk.
- Contract Terms: Pricing may vary depending on the terms of the merchant account agreement.
It’s essential to compare quotes from different providers and carefully review the fee structure to understand the total cost of processing transactions. Common fees include:
- Per-Transaction Fee: A fee charged for each transaction processed.
- Monthly Fee: A recurring fee for using the platform.
- Discount Rate: The percentage charged on each transaction.
- Assessment Fees: Fees charged by card networks.
- Other Fees: Potential fees for chargebacks, statement fees, and other services.
How to Get Started with Orbital Processing:
To get started with Orbital processing, businesses typically need to:
- Contact Chase Paymentech or a Reseller: Reach out to Chase Paymentech directly or work with a reseller to discuss your payment processing needs.
- Apply for a Merchant Account: Complete an application for a merchant account, providing information about your business, including your industry, transaction volume, and financial history.
- Undergo Underwriting: The acquiring bank (Chase Paymentech) will underwrite your application to assess your risk profile.
- Set Up Your Account: Once approved, you’ll set up your merchant account and configure your payment gateway.
- Integrate with Your Systems: Integrate the Orbital payment gateway with your POS system, e-commerce platform, or other systems.
- Start Processing Transactions: Begin processing credit card transactions securely and efficiently.
Orbital Processing vs. Other Payment Gateways:
Compared to other payment gateways, Orbital offers several advantages:
- Scalability: Orbital is designed to handle high transaction volumes, making it suitable for growing businesses.
- Security: Orbital provides robust security features, including encryption and tokenization, to protect sensitive cardholder data.
- Customization: Orbital offers a range of customizable features to tailor payment processing to specific business needs.
- Integration: Orbital integrates with a wide range of e-commerce platforms, shopping carts, and accounting software.
However, Orbital may not be the best choice for all businesses. Some smaller businesses with low transaction volumes may find that simpler, less expensive payment gateways are sufficient.
Conclusion:
Orbital credit card processing is a powerful and versatile platform that offers a secure, scalable, and customizable solution for businesses of all sizes. Its robust security features, advanced reporting, and integration capabilities make it an excellent choice for businesses that require reliable and efficient payment processing. By understanding the functionality and benefits of Orbital processing, businesses can make informed decisions to optimize their payment processing and drive business success. As the digital landscape continues to evolve, embracing secure and efficient payment processing solutions like Orbital will be essential for businesses to thrive.