Credit card processing is defined as using a digital system to make money transfer from customerâ€™s account (issuing bank) to merchantâ€™s account (acquiring bank). Acquiring bank is a bank which accepts transactions through credit card or debit card and also responsible for merchant account to merchant.\n
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Credit card processing is defined as using a digital system to make money transfer from customer’s account (issuing bank) to merchant’s account (acquiring bank). Acquiring bank is a bank which accepts transactions through credit card or debit card and also responsible for merchant account to merchant.
Step1: A customer goes for a shopping on a store. He presents his credit card there on a store.
Step2: A credit card is swiped or inserted into the store’s terminal.
Step3: Then transaction information is sent to the payment processor used by the merchant’s acquiring bank.
Step5: Then credit card’s association will match this credit card information (credit card number) with its own record. If it is matched then this transaction will be approved otherwise it is declined. This feedback is sent back to the payment processor.
1.Transaction reliability and speed:Speed increases, make transactions valid, reliable and improves performance of transaction.2.Interest rate structure:Improves interest rate structure inwhich business isplaced.3.The availability of knowledgeable support.
Credit Cards processing service’s quality can make a big impact in three key areas: