Natris Morris is an entrepreneur and self-made man who has established his own record label, Cross My Heart Records, and launched his own business called Cephalic Service Center, LLC.
Cephalic Service Center, LLC is a Midwest based provider of merchant services such as debit and credit card processing. Natris Morris says that most people don’t understand what happens after they pull out a credit card to make some purchase, beyond the obvious: they leave a store with a new item in a bag, and at the end of the month the charge for that purchase shows up on their credit card statement.
He says that a credit card transaction usually has two phases. The first is the purchase, when the card holder buys something and charges it to their credit card. In the second phase, money is transferred from the card holder to the merchant who made the sale. The first phase usually happens as soon as the purchase is made and the charge is submitted, and the merchant gets paid quickly. The second phase takes place later one and is usually done in batches at the end of a business day.
Credit card purchases are usually done in one of two different ways: the kind where the card is presented in a store or at the point of purchase, or in an e-commerce transaction when the customer buys something online or over the phone. The fees that are associated with the credit card purchase vary, Natris Morris says, depending on what kind of transaction it is, and consumers should know about those differences.
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