People that use self storage facilities benefit from the convenience of using debit cards as an online payment method. Debit cards, also known as check cards, give self storage renters electronic access to bank accounts and let them easily pay for the rental of storage units. To accept debit card payments, self storage facilities use debit card processing providers that charge a nominal processing fees for their services.
Why use StorageRentPayment to Accept Debit Cards?
StorageRentPayment provides you and your renters with a convenient method of payment by enabling you to accept debit cards. One big benefit of accepting debit card payments is that it eliminates the hassle of paper checks. In addition, being able to accept online debit card payments frees up time so you can concentrate on things that really matter, like running your business.
A Step-By-Step Approach to Debit Cards as an Online Payment Method
Thanks to debit cards, storage unit charges are usually processed in a few seconds. However, a lot happens behind the scenes involving a number of steps.
Step 1: Renter Initiates Online Payment
The storage unit renter engages with information on the StorageRentPayment site or via a payment app or other payment channel to pay for self storage. After selecting debit card as the online payment method, they provide information such as name, debit card information, and address, and submit payment. A series of backend processes is set in motion.
Step 2: The Payment Gateway & Merchant Account
The StorageRentPayment payment gateway, the frontend and interface of online payment processing, forwards the transaction details comprised of name, address, debit card number, Card Verification Value (CVV) security code and the amount to its merchant acquirer also known more commonly as the payment processor.
Step 3: Payment Processor & Debit Card Networks (A)
The payment processor (merchant acquirer) validates payment details by sending them through the debit card networks (Visa, MasterCard) that in turn relay them to the card’s issuing bank for verification.
Step 4: Debit Card Issuing Bank
The renter’s card-issuing bank approves or denies the payment transaction for self storage based on the status of the card, such as active, stolen, or within credit limit. The bank then sends the results back to the debit card networks. If the payment is approved, the card issuing bank charges the renter and sends the funds to the debit card networks less interchange fees that cover the credit risk assumed and any rewards given to the renter for using the card as the payment method.
Step 5: Payment Processor & Debit Card Networks (B)
The debit card networks relay the transaction approved or denied status back to the payment processor and forward the money less the assessments fee. The payment processor then informs the StorageRentPayment payment gateway of the transaction approval/denial status and also sends the funds of any approved payments less its merchant acquirer service charges for accepting debit cards.
Step 6: Payment Gateway & Merchant Account (B)
StorageRentPayment’s payment gateway notifies the storage unit renter by forwarding the transaction approved/denied status via the online payment interface. StorageRentPayment also sends funds for approved payments less its fees for accepting debit cards. In the event the method of payment is rejected, StorageRentPayment’s payment gateway relays this information back to the site or app and payment processing is halted.
Step 7: Payment
Now the money needs to be moved from the merchant account to the storage facility’s bank account. Because the storage facility is a partner and has a sub-merchant account with StorageRentPayment, the payment gateway disburses the net payment into the partner bank account. Once payment processing is completed, the storage unit renter is notified that the payment went through and is shown a confirmation screen. Typically, a receipt is emailed to the self storage customer and reports are updated in real time showing that a payment has been made.
Why You Should Use StorageRentPayment for Your Storage Facility
StorageRentPayment is the payment service provider for a long list of companies who value us as a partner. We’re determined to nurture mutually beneficial relationships with the people we do business with. When you work with us, you’re looked on as a partner rather than a customer. And of course, you benefit from our expertise in working with different methods of payment in the self storage industry.