How it Works

PayTrace is a technology solution provider commonly referred to as a payment processing gateway and/or a virtual terminal provider. A payment processing gateway is one of two components a merchant needs to process credit card payments. A merchant will also need a merchant service account through a merchant service provider in order to have a complete credit card payment processing solution. In order to help you understand the components involved in processing a credit card transaction, we've provide a straight forward explanation below accompanied by a simple processes map.

In the simplest of terms: A customer presents you with a credit card for payment. You submit that transaction to PayTrace. PayTrace sends the transaction to your merchant service account provider. Your merchant service account provider funds the credit card transaction and deposits funds for the transaction in to your bank account. Your merchant service account provider also charges your customer's credit card issuing bank for the transaction. Then the credit card issuing bank charges the customer for the transaction, and the customer pays for the transaction by paying his/her monthly credit card bill.

PayTrace provides the technology solution to transmit credit card transactions to your merchant service account provider. A merchant service account needs to be used in conjunction with PayTrace in order to provide a complete solution. PayTrace's Sales Partners can provide you with a merchant service account and a PayTrace account configured to work with the merchant service account.

Please note that this is a highly simplified description of the credit card payment process and doesn't highlight many of the value-added features that PayTrace offers to you as part of its services.