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For example, a pre-paid card transaction usually involves four parties: the purchaser, the seller, the issuing bank and the acquiring bank. A cash payment requires at least three parties: the seller, the purchaser and the issuer of the currency. A barter payment requires a minimum of two parties: the purchaser and the seller.
[1] [2] A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. [3] Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This ...
SaaS payment processors offer a single, regulatory-compliant electronic portal that enables a merchant to scan checks (often called remote deposit capture or RDC), process single and recurring credit card payments (without the merchant storing the card data at the merchant site), process single and recurring ACH and cash transactions, process ...
E-commerce payment system often use B2B mode. The security of customer information, business information, and payment information base is a concern during the payment process of transactions under the conventional B2B e-commerce model. [3]
A payment gateway is a key party, responsible for online transactions, passing card data from consumer to merchant, and to a relevant bank through the card scheme. The process usually takes place at POS terminals in retail locations, or by means of online payment services for websites. A payment gateway imparts whether the charge has been ...
The payment processor forwards the response to the payment gateway, who forwards it to the website. The entire process typically takes 2–3 seconds. [3] The merchant then fulfills the order and the above process can be repeated but this time to "clear" the authorization by consummating (e.g. fulfilling) the transaction.
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