Credit Card Processing
Credit Card Processing is simply the various steps involved when electronically processing a payment from a credit card holder. Credit Card Processing is the transfer of a card holders funds from their bank account in order to pay for a goods or services online, or at a physical retailer, supplier etc..
The parties involved with Credit Card Processing:
The Cardholder… is the owner of the card who is making the purchase
The Merchant… is the party receiving the credit card payment for the products or service purchased by the cardholder
The Acquirer… is the financial institution or organization that is permitting the credit card processing services to the merchant
The Card association… is the gateway who funds and authorizes the transaction between the acquirer and the issuer (eg: VISA®, MasterCard®)
The Issuer… is the financial institution or organization that initially issued the credit card to the cardholder
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