Credit card payment processing involves a series of steps that take place to complete a transaction when a customer pays with a credit card. This process occurs nearly instantaneously but involves multiple parties, including the cardholder, the merchant, the acquiring bank, the issuing bank, and the credit card networks (e.g., Visa, Mastercard).
Here’s a step-by-step breakdown of what occurs
when a customer makes a payment with a credit card:
01. Cardholder Initiation:
02. Merchant Collection:
03. Acquiring Bank Forwarding:
04. Credit Card Network Communication:
05. Authorization Request:
06. Response Backtracking:
07. Merchant Response:
08. Transaction Settlement:
09. Payment Transfer:
10. Fees and Charges:
This entire process, from authorization to funding, generally takes 1-3 days, although the authorization and approval steps happen within seconds. The streamlined process allows for the quick, convenient transactions that credit card users and merchants appreciate.
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