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Once the payment processor has received confirmation that the credit card details have been verified, the information is relayed back via the payment gateway to the merchant, who will then complete the payment transaction. If verification is denied by the card association, the payment processor will relay the information to the merchant, who ...
Merchant services is a broad category of financial services intended for use by businesses. [1] In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device.
Merchant Account Providers give businesses the ability to accept debit and credit cards in payment for goods and services. This can be face-to-face, on the telephone, or over the internet. Credit cards have become the preferred method of payment in today's market, making a merchant account essential for most businesses.
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards.A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
They fully manage payment processing and external network relationships, making the merchant less dependent on banking institutions. [4] PSP can also offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection.
The payment gateway converts the message from XML to ISO 8583 or a variant message format (format understood by EFT Switches) and then forwards the transaction information to the payment processor used by the merchant's acquiring bank. The payment processor forwards the transaction information to the card association (e.g. Visa, Mastercard ...
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
The payment card industry consists of all the organizations which store, process and transmit cardholder data, most notably for debit cards and credit cards.The security standards are developed by the Payment Card Industry Security Standards Council which develops the Payment Card Industry Data Security Standards used throughout the industry.