How Does Credit Card Processing Work?
People have varying opinions about credit cards. They are certainly used by a lot of people as a means of either making or accepting payments for products and services. You can use these cards for business or personal purposes. Either way, it is worth familiarizing yourself with the process behind the transactions carried out using these cards. This article looks into the people involved in card transactions, how the cards are processed and what makes one card issuing company better than another.
The involved parties
The transaction takes place in two main stages—authorization and settlement—but more than one party takes part in the process, including the buyer, merchant, processing merchant, merchant’s bank and the issuing company.