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If you store, process or transmit credit or debit card data, you have contractual responsibilities with your Credit Card Provider.
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Shift4 provides the world's largest independent payment gateway. We deliver omnichannel PCI scope producing security technologies including......
Wow wow, tech over much, before you can understand how Shift4 can help merchants, is important to understand how credit card transaction works. This quick video will teach you the basics of credit card processing and then we'll show you how Shift4 simplifies the process for everyone involved.
If you're already familiar with the payments industry and understand the difference between an issuer and a Processor click here to skip ahead and see how Shift4 can does things better otherwise hold on and class will begin in three, two, one.
Allright, welcome to credit card 101.
There are five players involved in a typical credit card transaction, the card holder.
Let's call her Jane.
This can be an hotel, restaurant or my favorite a shoe store.
The merchant's Bank.
Kind of self explanatory, this is the shoe's store Bank where they have their account.
Next, the card's brands Visa, American Express, Master-Card, take your pick. Finally the issuing Bank, this is where Jane got her card in the first place.
So Jane open her Visa a her local Bank and she now on the hunt for new shoes.
That's all the players, now let's see a typical transaction.
Jane got a hot date tonight, so of course she needs new shoes. She found the perfect ones and now it is time to check out. She handed out her credit card to the cashier, in a few seconds later the clerk hands her new red pumps.
But it is what happens in those few seconds that we care about, first the cashier, the merchant process the card in her point of sale system that's fancy payment speak for her computer sends the payment request on to a merchant Bank.
The merchant Bank figures out the brand of the card, is it a Visa, Master-Card or American Express and sends their request on that card network. Jane uses her new Visa then Visa determines who gave Jane the card. The issuing Bank and sends the request on to them.
The issuing Bank looks at Jane's account and checks to make sure her shoe obsession hasn't grew up over her credit limit. If she still has enough credit available to cover the shoe, the response is sent back to Visa approving the purchase. Visa sends that approval back to the merchant's Bank who forwards it to the shoe store. Finally the cashier see that the order was approved and hands Jane the shoes everyone's happy.
The whole process takes place in less than three seconds, three seconds!!! about half the time it takes you to be on, amazing isn't? But there is more to a transaction than just charging it on the card, let's look what happened after Jane leaves the store.
At the end of the day the shoe store settles all of their credit transactions for the day and sends a transaction records to the merchant Bank, the merchant Banks sorts all of the transactions by card brand and sends the transactions to the respective card associations.
The card Association authorizes the payment back to merchant's Bank to cover all these transactions and the merchant Banks pay the shoe store, minus their fee. Then the card Association bills the issuing Bank and receives payment in return. Finally, Janes receives her monthly bill and that is pretty much how it all works.
This same thing happens more than a million times a day as transactions from Shift4 merchant customers go through our gateway which we call "dollars on the net" on their way to nearly every Bank and Processor in North America. Our transaction volume nearly half a billion unique transactions per year makes dollars on the net the largest independent payment gateway in the world. But what is an independent payment gateway?
Well, in the simplest form, a payment gateway is the application that allows a merchant to talk to other Banks, Processors and other entities involved in a credit card transaction, basically we do all this.
An independent payment gateway like our dollars on the net, does all of this and provides the ability to choose and change processes or Banks that will. Shift4 is not a merchant services provider or an independent sales organizations MSP's and ISO's tide their merchant customers to a particular Bank or Processor which often leads to rate hikes hidden fees and fines. Instead Shift4 is a Bank and Processor independent organization that helps merchants figure out the constantly changing and often confusing world of payment processing.
Even just a few years ago the majority of gateways were independent organizations but recently we've seen more and more Processors and Banks absorbing gateways and destroying their independent merchant focus. Shift4 is the last major gateway to attain independence which result in customer's great benefits. Most of all puts our merchant's customers on an even playing field with Banks and Processors.
Exactly because we turn down the big money buyout offers and stoked it out as independent Shift4 has no ties to any particular Bank or Processor, this independence means our customers have ultimate flexibility they can easily change Banks or Processors whatever they want to, all it takes is the flip of a switch, this means Banks and Processors now have to compete again for the merchant's business they have to play fair.
Is not just our flexibility that makes Dollars on the net powerful, it's also our reliability with redundant high speed connections to nearly every major Bank or Processor in North America. Our service average better than ninety nine point nine eight percent up time. Unlike many of our competitors in less than three seconds, we find the best way to get transactions from place to place and insure they make it to the destination with our assured delivery technology and protect them from fraud and theft during the transaction and after.
How do we do that? Well Shift4 security protocols are the best in the industry. We not only keep the data safe in transit, we also make it possible for merchants to store customer data without storing actual card numbers through tokenization. A technology we created and introduced to the world back in 2005. Since then we have processed more than five billion tokenized transactions. After that many successful transactions we think it's safe to say are true tokenization is the original tried and true technology that helps merchants keep their payment data safe and reduces PCI headaches.
To our point to point encryption solutions, support for EMV, contact less and mobile transactions, advanced trust employee fraud controls. Full spectrum enterprise wide auditing and reporting capability and enterprise wide gift card solution, twenty four seven customer support plus a host of other benefits and you've got a payment solution that can't be beat. If you like to learn more about Shift4 and how we can help you save money and avoid being the next victim of data breach just give us a call or send us an e-mail.
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